Benzinga - A new research report identified SUI (CRYPTO: SUI) as a potential high-growth cryptocurrency, citing rising Total Value Locked (TVL) and an upcoming developer event as key catalysts.
SUI Network: Designed For Speed And Scalability The research report by 10x Research, led by Head of Research Markus Thielen, saw significant potential in SUI.
SUI Network is a layer-1 blockchain platform designed for fast and scalable smart contract execution.
It achieved this through features such as parallel transaction processing and horizontal scaling.
This architecture allowed for faster deployment of smart contracts and high transaction speeds compared to other blockchain networks.
The report highlights several factors supporting their bullish outlook:
- Rising TVL: SUI’s TVL, a metric indicating the total value of crypto assets locked within DeFi protocols on the network, has reached a new high of $650 million. This growth suggested increasing adoption and potential for further token price appreciation.
- Potential Price Buffer: The report suggested SUI was undervalued compared to its TVL. If the token price were to match the implied valuation based on TVL, it could reach around $1.90, representing a potential upside of over 10% from its current price of $1.71 (as of March 26, 2024).
- SUI Basecamp 2024: The upcoming developer conference, SUI Basecamp 2024, scheduled for April 10-11 in Paris, could generate positive momentum for the token. Historically, such events have been known to cause token prices to rise in anticipation of potential announcements and developments.
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Network Distribution And Circulating Supply The report also acknowledged some areas for improvement within the SUI Network.
Currently, most validator nodes were concentrated in Germany and the U.S., indicating a need for wider geographical distribution.
Additionally, the circulating supply of SUI tokens was expected to double in April 2024 due to a Series A funding round.
The report did suggest this event might be well-priced in by the market and could potentially be accompanied by positive announcements.
The Future Of Digital Assets: A Discussion Platform The Benzinga Future of Digital Assets event on Nov. 19 promises to be a valuable platform for investors to gain insights into emerging blockchain technologies, DeFi trends, and high-growth potential cryptocurrencies like SUI.
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