SUI has doubled in just two months. Let me first state that I haven’t eaten this wave🫥

But in early November, a team member actually recommended me to buy it, but unfortunately I didn’t listen. Today, when I look back at the reasons for buying that he sent me at that time, I feel that the logic in it is worthy of reference, and I would like to share it with everyone.

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The following is what he sent me 2 months ago:

The locked position of SUI has reached 100 million US dollars, and the circulating market value is only 400 million US dollars.

Compared with Aptos, which is also a Move series L1 public chain, Aptos has only 65 million U.S. dollars in locked positions and a market value of 1.7 billion U.S. dollars.

From this comparison, it seems that either SUI is underestimated or APT is overestimated.

There are two situations: one is the strong control of APT itself, and the other is the continuous selling pressure caused by the linear unlocking of SUI and the very low pledge amount. I prefer that SUI is undervalued here, because from the perspective of technical analysis, SUI has confirmed the short-term bottom and stepped out of the downward trend, and the continued decline in price and the continued increase in lock-in volume have formed an alternative divergence. And after a long period of washout, the trading volume at the bottom has increased, and the chips have fully changed hands. So I think SUI has also entered the stage of strong market control.

And SUI is far stronger than Aptos ecologically. Not only does it have a few defi projects, but chain gaming projects are also hot recently.

In recent news feeds, SUI-related reports and soft articles have suddenly increased, including project activities, lock-up volume breakthroughs, etc. There are signs of spending money to buy traffic.

Judging from the trend of the broader market, BTC is trending very strongly, and there is anticipation of the ETF passing in January. However, the cost-effectiveness of buying BTC at this time is obviously not as high as that of buying SUI.

From this, I made the decision to buy SUI.