Sui Tanks 14% in 7 Days – Can it Get Worse? Meanwhile Wall Street Memes Presale Pumps Past $7M
The SEC’s lawsuit against Binance and Coinbase remains the overarching narrative of the crypto market. With extreme bearish forces at play, Sui prices are down over 14% over the past week and 44% in 30 days.
Sui saw a huge rise of 2,000% when listing in May following its presale, but despite a major upcoming network upgrade, the token is expected to continue to struggle throughout June.
On the other hand, two new crypto presale tokens – Wall Street Memes and Ecoterra – have emerged with bullish momentum in recent weeks as traders look to hedge against the bear market.
Sui Unable To Stave Off Crypto Bears, More Selling Pressure Expected In June
The Sui blockchain, which derives its name from the Japanese word for water, has gained strong traction for its flexible architecture and scalability. The proof-of-stake blockchain boasts faster transaction speeds and low costs. However, the SUI token is going through a tough stretch, with extreme bearishness driving down its price.
Earlier in the week, Sui saw a strong surge as the network announced its latest SIP 6 proposal. The proposal enables liquid staking and allows developers to build features for the same. Liquid staking is one of the most attractive features of any token’s tokenomics.
However, the token finally buckled under the strong bearish pressure created by the SEC suing Binance and Coinbase. Despite the token not being explicitly named in the lawsuit, it plummeted 14% over the last week. The downward movement continues as the token corrected another 5% in the last 24 hours.
With SEC chair Gary Gensler stating multiple times that Bitcoin is the only token he is comfortable calling a commodity, a token like Sui will need to be on red alert. Crypto assets that are proven to be securities often have to deal with suffocating regulations which make them less attractive.
Sui may also face difficulties from the global economy. While the Federal Reserve announced that it will pause any further interest rate hike for now, it did mention that it can see two other hikes this year alone. Such a hawkish stance can result in extreme bearishness for the token.
The token’s analysis highlights that investors may have to face further bumps in June. TradingView gives a Strong Sell signal to Sui in the daily time frame, with the token underperforming with 7 out of 8 important moving average indicators.
Could Wall Street Memes Be the Next Big Crypto Presale After Raising $7?
The Wall Street Memes token has emerged as one of the most attractive buys in the crypto market. With other meme tokens such as Dogecoin & Shiba Inu struggling, investors are flocking to WSM.
After being launched on the 26th of May this year, the token has raised over $7 million in less than three weeks. With the token adding $350k every day to its total, it won’t be long before it is hitting the $10 million milestone.
The token’s success is unsurprising considering the incredible track record of the Wall Street Memes group. It received global fame during the historic GameStop short squeeze in 2021 when a group of small internet traders took on the might of wealthy institutions and won.
The group has also built a strong following in the crypto space as well. It sold out its Wall St Bulls NFT collection in 32 minutes, making $2.5 million in profits. Inspired by the success, the group also launched its own Bitcoin Ordinal NFTs recently.
Investors are also getting drawn to the token’s community-driven tokenomics. The entire WSM supply is available for the community, with 50% available during the presale itself. Furthermore, 30% of the tokens are allocated for cool community rewards.
5 lucky degens will also win $10k worth of WSM tokens through an incredibly generous airdrop.
Investors can become a part of this revolutionary movement by purchasing WSM tokens through bank cards or by swapping ETH or USDT tokens. Numerous crypto traders have speculated that it could be the next big meme coin.
Visit Wall Street Meems Presale
New Green Token Ecoterra Also Surging with Over $5m in Presale
With investors becoming increasingly environmentally conscious, there is an increasing demand for eco-friendly tokens. The newly launched Ecoterra token is dominating this demand as the token has raised over $5.1 million in a short span of a few weeks.
The Recycle2Earn project incentivizes individuals and corporations to play their part against climate change. For example, corporations can earn an eco-friendly reputation by simply purchasing recycled products at a cheap cost from Ecoterra’s Recycled Products Marketplace. On the other hand, individuals receive an equitable amount of Ecoterra tokens for recycling waste products through Ecoterra’s Recycle2Earn application.
This supply and demand of recycled products create a sustainable circular economy. Ecoterra’s Carbon Offsets Marketplace enables individuals and companies to purchase verified carbon credits to reduce their emissions and carbon footprint.
Lawmakers all across the world are concerned over the energy consumption of tokens such as Bitcoin, with some lawmakers even calling for banning crypto altogether. Projects like Ecoterra can end up playing a crucial role in changing the mainstream perception of the industry.
ECOTERRA tokens are the default and discounted payment option for every platform service. While users can complete their payments using fiat currency, Bitcoin, or USDT as well, Ecoterra payments require smaller transaction fees.
Investors can buy Ecoterra through their bank cards or by swapping ETH or USDT tokens.
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Filed under: Bitcoin - @ June 15, 2023 10:44 pm