In our “How many X to be a millionaire” series, we usually target projects people LOVE. Projects that people happily stack in all markets. And this one is loved. Its community is active and engaged.
But by many people in the industry, it was forgotten for a while. And we think it’s a big mistake to overlook this project. Who are we talking about? Sui. So, let’s see how many Sui tokens it takes to make you a millionaire.
SUI Historical Performance
Before I come to an exact number of Sui you need to become a millionaire, you and I need to understand where SUI could go from here. And to do that, we first need to understand where it’s been. Sui had its TGE in January 2023. But the public could not access and trade, aside from the IDO, until the mainnet launch in May. So we only have 1 year of pricing to look at.
Claim your Web3 phone number – coming soon to Sui! https://t.co/xovw4PahzL
— Sui (@SuiNetwork) May 13, 2024
Launching to the general public during a bear market ended up being a smart move. It’s natural to see that after public listings on major exchanges, some vested tokens will sell. There is some natural selling pressure here unless the tokens have long vesting schedules. That’s one of the things we look at when we evaluate tokenomics, by the way.
The public launch price in May 2023 was $1.40. Today’s price is $1.15 meaning holders for the last year lost ~18%. October 21st was the bear market low of 39c. So buyers then have made a nice 3x in only 6 or 7 months. The all-time high in late March was $2.09. So today, you’d earn a healthy 80% ROI just to get back to that number.
Sui, after being forgotten for a while in favor of Solana or Bitcoin, is now the #61 coin in the market. The $Sui market cap is just over $1.7 billion. The total supply of $Sui is 10 billion, with 2.3 billion in circulation.
Sui was in a funny place for a while. It had no bad news, but it had mostly no news. It definitely suffered from some “middle child” syndrome. They built quietly and improved but not many people noticed. That’s changing. Sui has a fast-growing ecosystem. It’s doing well in growing DeFi. Plus, it’s a very serious contender, along with Solana to dethrone Ethereum as Layer 1 for NFTs.
Get ready to level up with @XOCIETYofficial!
🎮Powered by Sui, this AAA gaming experience is about to revolutionize Web3. Join us as we pioneer the future of gaming together. pic.twitter.com/FWrOdg1SaT
— Sui (@SuiNetwork) May 12, 2024
Could Sui hit new all-time highs and make some millionaires? Yes, yes it can. Do you think $Sui will hit a new all-time high? Let us know in the comments below.
What do the SUI Charts Say
We asked our Technical Analysis team to look at $Sui and here’s what they had to say. Resistance is currently at the previous high of $2.09. We have to breach that to see how high it can go. Long-term support is down at 39 cents.
Failure to break through these resistance points could create trading ranges until a break of local support or resistance moves it ahead.
Source: Coingecko
The charts look positive at this stage and in a clear uptrend since October.
How Many SUI Tokens to Get $1 Million?
We like $SUI for:
- Its resiliency in the face of being ignored by the market for a while.
- It is a serious contender to ETH for NFT Collections aside from Bitcoin Ordinals and can lead in RWA too.
- DeFi is growing FAST. They have grown TVL up to $600 million making it 13th among all chains.
- Sui has a new native stablecoin coming online. This will help the ecosystem grow faster.
So how much $Sui does it take? In the next 2-5 years, we see $Sui going up to $10-15. That would mean $Sui is worth 100-150 billion. That’s the range where it is more valuable than Tether now but less so than Ethereum. So at $15, that means you would need 66,667 $SUI. Or in the upper end of our range, you would need 100,000 $Sui to become a Sui millionaire.
And at today’s price, you can get 66,667 $Sui for $76,667. That would be a 13x return at $15. Could $Sui hit $10-15? Let us know in the comments below.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Sui. Copyright Altcoin Buzz Pte Ltd.
