SUI price set for new ATH amid native USDC launch
sui-price-set-for-new-ath-amid-native-usdc-launch
By Benson Toti
October 8, 2024 at 4:09 pm
sui-price-set-for-new-ath-amid-native-usdc-launch
Edited by Jayson Derrick
Markets
SUI price set for new ATH amid native USDC launch
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Sui received a major boost after stablecoin issuer Circle announced support for native USDC on the layer-1 blockchain platformâs mainnet.
Circle announced native USDC USDC
usdc
0.01%
sui
-4.97%
Sui on Oct. 8.
Also notable for Sui on the day was the announcement by leading U.S.-based crypto exchange Coinbase that it had added USDC to Sui on its listing roadmap.
The news comes amid a significant surge for Sui, which has more than doubled in value over the past month. The cryptocurrencyâs price rose sharply after Bybit added Sui on Launchpool.
Read more:
SUI leads top gainers as open interest hits all-time high
What does native USDC mean for Sui?
Native USDC means that developers and users on Sui no longer need to bridge the stablecoin and can tap into its liquidity for decentralized finance protocols, gaming, decentralized physical infrastructure networks, and non-fungible tokens within the Sui ecosystem.
Before Circle launched USDC natively on Sui, the ecosystem used a version of USDC bridged from Ethereum via Wormhole.
This could lead to a rise in Suiâs network activity, potentially pushing its total value locked above the current $1.55 billion, according to DeFiLlama.
SUI price prediction
Sui rallied in recent weeks after a bull flag breakout, as noted by Scott Melker, a crypto investor and host of the Wolf Of All Streets podcast, in a post on X.
Suiâs price has retreated 6% in the past 24 hours, in line with dips for other top altcoins as Bitcoin Bitcoin
btc
-2.33%
Bitcoin fell below $63,000. However, with a 108% increase in 30 days and bulls testing levels near the all-time high of $2.17 reached in March, is price discovery next?
If bulls hold near $2, itâs likely the next surge will push Sui past its current all-time high. However, before that happens, crypto analyst Altcoin Sherpa offered some caution regarding the altcoin:
