Why do I keep staring at this coin $SUI ?
To put it bluntly, it’s just copying the rise of Solana, but with bigger ambitions, targeting the dual dividends of Southeast Asia's gray market and cryptocurrency speculators. First, let’s talk about capital and technology. Sui is backed by Binance and the people from FTX after the crash, having raised $360 million in private equity. With this amount of money, the foundation is thick enough.
Technologically, it directly copied Meta's undisclosed blockchain architecture, developed by core members of the original Libra team, and even created an “object storage” model, boasting that NFT transaction speeds are as fast as sending a WeChat red envelope. The actual TPS can reach 297,000, and the gas fee is kept extremely low at just $0.0001, clearly aiming to capture traffic during Solana’s downtime.
In terms of ecology, Sui is more like a combination of punches. In the DeFi sector, Turbos Finance's locked volume skyrocketed from $4 million to $190 million in two weeks, with an APY of 487%. This yield is obviously a funding scheme designed to attract gamblers who want to get rich overnight. In the NFT market, Suia’s fragmented NFTs allow entry for just $5 to buy a bored ape, directly siphoning off 30% of OpenSea's users. However, this is simply a high-priced NFT splitting game, with terrible liquidity, making it extremely difficult for retail investors to exit after taking over. In the blockchain gaming sector, Panzerdogs gives players $0.3 SUI daily for idle play, and those gold farming studios in Vietnam are bulk purchasing scripts, burning through $2 million SUI just for tools each month. This data looks lively, but it’s all gray market supporting the scene.
In terms of data, Sui has a market cap of $1.3 billion, with a circulation of only $1.1 billion and a total supply of $10 billion. The top ten holding addresses control 61%, which is a typical manipulation strategy; the manipulators can pump or dump at will, while retail investors can only follow along. The daily active addresses on-chain are over 230,000, twice that of Aptos, but this data is greatly inflated, with many being generated by gold farming studios.
Why do I say Sui is like BSC in 2019? Because it pretends to be all about technology on the surface, but underneath it’s all about the gray market, yet it can still gain volume, attract users, and generate topics. In the cryptocurrency world, sometimes being able to gain volume is king, and attracting users is the hard truth.
The market is constantly changing, and we are closely monitoring it to seize new entry opportunities. Like + comment, let’s ride through the bull market and seize this major opportunity.
