The SUI price has jumped by 11% in the past 24 hours, rising to $1.62 as the cryptocurrency market as a whole rises by 2% today.
SUI has now risen by 52% in the past week and by 95% in the last 30 days, with the layer-one utility token benefitting from the rapid growth of its native platform, the Sui Network.
And with the latter continuing to announce new partnerships and adoption, the SUI price looks set to have a strong 2024.
Yet it isn’t the only likely the altcoin in the market to rally big soon, with new ERC-20 coin Meme Kombat gaining plenty of momentum in its presale as it prepares to list.
Is It Too Late to Buy Sui? SUI Price Pumps Up 43%
SUI is one of the strongest coins in the market right now, with its indicators all signalling big momentum.
Its relative strength index (purple) has risen very close to 70 again, after dipping to just below 55 a week or so ago.
Source: TradingView
Likewise, its 30-day average (yellow) is once again rising aggressively beyond its 200-day (blue), a sign that the coin remains very much within an expansionary phase.
Its 24-hour trading volume currently stands at close to $600 million, which is much higher than where it was a month ago, when it was closer to $100 million.
In other words, SUI is one of the market’s hottest coins right now, attracting plenty of interest from traders.
Key to its performance is the underlying growth of the Sui Network, which has seen its total value locked in rise from about $12.7 million in August to $448 million today.
That’s a 3,400% increase in about five months, and it seems from growing usage of the layer-one blockchain platform, which famously is an offshoot of Facebook’s doomed Diem/Libra project.
Sui has celebrated a number of positive adoption stories in recent weeks, with the latest being the launching of fiat-to-SUI ramps by Banxa.
Fiat on-ramps for Sui are coming thanks to @BanxaOfficial!
Banxa will be adding the SUI token to its platform and @Mysten_Labs’ Sui Wallet will give users the opportunity to purchase SUI tokens through Banxa’s on-ramp. https://t.co/1jIOMYjK7r
— Sui (@SuiNetwork) January 29, 2024
This underlines the growing demand for SUI, which currently shows no sign of slowing down just yet.
Assuming that the wider market continues to recover and become more bullish, the SUI price could potentially reach $2 in the next couple of months, before passing its current ATH of $2.16.
Meme Kombat Approaches Exchange Listings
Yet SUI isn’t the only exciting token in the market right now, while its recent strong performance may have potentially peaked.
If so, traders may be better off turning to newer tokens already, particularly those still awaiting their initial listings and rallies.
One excellent example of this is Meme Kombat (MK), an ERC-20 coin that has raised just over $7.7 million in its hugely popular presale.
A little under $300k to go
Do you qualify for the $25k giveaway at 8 million? pic.twitter.com/Zx6Gfx4HG6
— Meme Kombat (@Meme_Kombat) January 30, 2024
More than just a meme coin, Meme Kombat is actually a social gambling platform enabling users to bet on the results of AI-generated battles between meme characters.
Users can place bets in MK against each other or against the game itself, with users who win receiving MK tokens.
Battles results will be entirely transparent, with AI ensuring entirely random results, and results processed openly on the Ethereum blockchain.
On top of this, MK holders can stake the token, earning themselves a regular income.
About 100 memebers until we reach 9000 in the Telegram group
Maybe we should add some sort of referral leaderboard into the mix pic.twitter.com/ONZNm1gUNd
— Meme Kombat (@Meme_Kombat) January 30, 2024
Another bullish feature of Meme Kombat is that it has already assembled a strong online community, with its Telegram channel alone boasting 9,000 members.
This points to how popular it could become once it launches, with investors able to join its sale by going to the official Meme Kombat website.
It has reached its final presale price of $0.279, with the sale set to end once it raises $10 million.
And from there, it will list on exchanges, where it could become one of the biggest new coins of the year.
The post Is It Too Late to Buy Sui? SUI Price Pumps Up 43% as Meme Kombat Approaches Exchange Listings appeared first on Cryptonews.