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- The Sui Network is gaining traction, with 500-750 new validators expected to join soon, enhancing its decentralization.
- Circle’s USDC integration on Sui is set to boost DeFi liquidity and improve transaction efficiency for developers and users.
New developments in the Sui Network are generating major discussion in the crypto community, with notable personalities highlighting the network’s rapid rise. According to crypto influencer MartyParty, a new wave of validators is accumulating SUI coins in preparation for a potential price spike.
IMO: New #SUI validators are loading up before the price gets higher. Remember validators must aquire large stakes to participate in the network, to accept and use $SUI and $USDC – institutional markup similar to @solana – expect @SuiNetwork marketcap to approuch $5b in the short…
— MartyParty (@martypartymusic) September 18, 2024
Validators Drive Sui Growth and Secure its Role in the Future Internet
Validators on the Sui Network must purchase huge stakes in tokens such as SUI and USDC in order to join the network, which is similar to the Solana validator system. Due to the addition of between 500 and 750 new validators, MartyParty predicts that Sui’s market valuation will surpass $5 billion in the near future.
These validators are critical to ensuring the Sui Network’s security and decentralization. Their huge token holdings also add to the token’s general scarcity, creating a dynamic in which institutional investors and players must buy significant stakes early to avoid higher prices later on.
MartyParty’s analogy to Solana argues that the Sui Network is on a similar path of expansion, with both networks positioned as critical infrastructure for the future internet. He said:
“These 2 networks are not here to mess around. These are the rails of the future internet.”
One of the most important elements contributing to Sui’s growing popularity is the upcoming availability of Circle’s USDC on the Sui network. CNF previously reported on this development, highlighting how USDC integration will improve DeFi liquidity and expedite transactions for developers and users.
With the addition of USDC, the Sui ecosystem will benefit from increased efficiency, making it an appealing platform for decentralized finance (DeFi) applications.
Sui’s ecosystem has already evolved to accommodate over 85 decentralized apps (dApps), solidifying its position as a major player in the blockchain and DeFi sectors.
The expanding number of dApps indicates increased developer interest and participation in the network, reinforcing Sui’s position as a competitive force in the industry.
Furthermore, Sui’s collaboration with ONE Championship, the world’s largest martial arts organization, demonstrates its growing significance.
As we previously noted, this collaboration will see Sui’s blockchain technology integrated into ONE Championship’s goods and mobile gaming efforts, emphasizing the Sui blockchain’s practical, real-world applications.
Analyst Questions Longevity of Recent Price Surge and Bull Trend
Beside that, popular cryptocurrency analyst iWantCoinNews has commented on Sui’s remarkable performance, acknowledging the recent price increase but questioning its longevity. “SUI pumped hard, but what’s next?” the analyst inquired.
Using a prior price run-up as a benchmark, iWantCoinNews anticipates a modest retrace to between $1.50 and $1.30. In a worst-case scenario, the analyst does not expect the price to fall below $1.15. “If the price goes below $1.15, I would consider the current bull trend to be over,” the analyst said.
SUI is currently trading at around $1.44, up 5.88% over the last 24 hours, with a daily trading volume of $705.96 million.
