Sui price could explode after a new upgrade that could capture $2.3 trillion in assets got the crypto community buzzing with anticipation. This transformative development from Ika could propel Sui to unprecedented heights, fundamentally altering its current price trajectory. 

The price of SUI has increased by 0.2% in the last 24 hours and is currently trading around $2.07. Generally, SUI shows signs of consolidating after topping out at $2.10, a zone of strong resistance for the asset.

SUI/USDT Price Chart

The pause in the uptrend comes as the BTC price drops to a daily low of $71,430. Nevertheless, the crypto market remains bullish, with analysts calling for double-digit prices for SUI, especially after a new upgrade was announced.

Impact on SUI Price if Sui Captures $2.3 Trillion Assets With Ika

Ika, a parallel MPC network, has launched on Sui and promises to take it multichain. According to the recent official announcement from Ika, the scaling network will bring interoperability and liquidity as it bridges Bitcoin, Ethereum, and any other network. This update removes the need for arduous cross-chain bridges.

BREAKING: $2.3T in assets can now be programmed on @SuiNetwork

what we’re shipping:
• sub-second MPC finality
• native BTC/ETH/SOL on Sui
• zero bridges needed
• infinite scalability

translation: your assets are finally free anon

more in thread pic.twitter.com/QqjROVIPRj

— Ika (@ikadotxyz) October 30, 2024

According to IKA, it brings infinite scalability to the blockchain network with 10,000 TPS, sub-second finality, and zero trust security, allowing it the potential to harness the $2.3 trillion worth of assets across the different blockchains. The IKA network mainnet will go live in December.

The significance of this upgrade for Sui price is profound, as harnessing $2.3 trillion is no small feat.

To estimate Sui’s potential price if it captured $2.3 trillion in assets, we can use a straightforward formula: we multiply the current price by the quotient of the target market cap ($2.3 trillion) and current market cap ($5.7 billion). The result is that SUI could theoretically reach approximately  $843.33 per token, assuming the supply remains constant.

For this to happen, the entire crypto market has to have a market cap of around $1 quadrillion. This is practically impossible because the total amount of money in the world is around $90 trillion.

However, assuming the network captures even 10% of the $2.3 trillion assets scattered across blockchains, its price would surge to $84 at a $230 billion market cap. This is more probable than the earlier estimation.

Sui Price Analysis Hints Rally to $84?

The chances of SUI soaring to $84 are within the realm of possibility. The price chart shows that the asset flew 408% in two months, an impressive feat for a network worth billions of dollars. This is because it generally takes a larger volume to move billion-dollar assets than it takes to push smaller projects higher.

Sui still struggles to break above the previous ATH resistance level. A break above this level could instantly propel the asset price to $10, boosting its market cap by 5X to $28 billion. This could push the asset into the top 10 largest cryptocurrencies by market cap.

Sui Price Analysis Chart

Conversely, the bullish thesis could be invalidated if price breaks below the parabolic curve. It would signal market weakness and lower the asset to support levels of $0.45 and $0.4.

The post Will Sui Price Capture $2.3T Market Cap With This New Upgrade? appeared first on CoinGape.

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Filed under: News - @ October 31, 2024 8:24 am