• SUI’s recent performance draws the attention of new traders. 
  • Many wonder if SUI could outperform SOL in the coming bull run. 
  • One analyst says SUI is a good short-term option until it builds more to compete with SOL.

The Sui network has seen an exponential rise in on-chain activity and the price of SUI is surging steadily due to the rising activity. This pump is likely caused by increased memecoin trading on the platform and one analyst explains how. He also explores the growing expectation of SUI possibly outperforming SOL. 

Will SUI Climb to the Top This Bull Cycle? 

Back in 2021, Layer 1 blockchains like Fantom (FTM) and Solana (SOL) saw massive gains, with FTM surging 500x and SOL 150x. Now, Sui is making waves making many traders consider switching from SOL to SUI. One of Sui’s standout features is the ability to process multiple transactions simultaneously, making it highly scalable. 

Back in 2021, L1s went insane: $FTM hit 500x, $SOL 150x

Is $SUI the next $SOL ?

In this 🧵, I’ll cover:
– $SUI development
– $SUI vs. $SOL comparison
– Leading alts in the $SUI ecosystem pic.twitter.com/xDWq8qLhGr

— Xremlin (@0x_gremlin) September 23, 2024

Powered by the Move programming language, Sui offers developers an efficient environment to build decentralized applications. It boasts a max throughput of 297,000 transactions per second (TPS), far surpassing Solana’s 65,000 TPS, highlighting Sui’s potential for future scalability.

Sui has gained significant traction in recent months. Its daily active addresses tripled, reaching 1.5 million, and its Total Value Locked (TVL) hit an all-time high of $873 million, closely trailing Polygon’s $892 million. Recent developments include the launch of USDC on Sui, the Hydropower Accelerator program, and the introduction of AUSD stablecoin. 

Can SUI Outperform SOL This Bull Run?

Additionally, Sui partnered with the 3DOS 3D printing network and launched pre-orders for the Sui gaming handheld. In terms of performance, SUI has outpaced Solana in recent months, with $SUI up 240% from its local lows compared to SOL’s 38% gain. However, a major token unlock on October 1 could lead to a price correction, with 64.5 million $SUI tokens set to be released.

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While Sui’s volume is rising, it still trails behind Solana. Recent upticks are driven by a “meme season,” with meme tokens like $BLUB, $HSUI, and $PUGWIF seeing significant gains. Although Sui has potential, it may not fully rival Solana yet, but it remains a promising short-term trading opportunity. The analyst concludes by saying SUI is likely a good short-term plan for now until it can build more to compete with SOL.

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