If the price of Bitcoin ($BTC) hits $150,000, one analyst believes Sui Network’s native $SUI coin could hit a potential high of $28. This is more than 7X its all-time high (ATH) of $3.92, posted on November 17 this year.
The bullish forecast was tweeted by “madness.sui” (X handle @lfgmadness). While their claim may be biased, several technical indicators potentially support their argument.
Their prediction is based on two assumptions. Firstly, that Bitcoin will hit $150,000, and secondly, that $SUI will rise to become the eighth largest cryptocurrency by market cap.
As of this writing, each $BTC is worth about $97,050 and there are 19,788,918 Bitcoins in circulation. When we multiply these two figures together, we arrive at Bitcoin’s market capitalization, which currently stands just north of $1.9 trillion.
So, assuming Bitcoin’s supply remains relatively level, which it has since this year’s “halving” update halved the issuance of new supply, then if Bitcoin’s price rises to $150,000 within a year, its market cap would be just north of $3 trillion.
Source: Statista
Various analysts this year have predicted Bitcoin’s price could rise to $150k next year, including brokerage firm Bernstein, independent analyst Elja and prominent commodity trader Peter Brandt.
Given Bitcoin’s historical tendency to enter a bull run after every halving, this year’s halving could easily spur on the requisite level of growth.
So, assuming this year’s supply halving rallies the price into a bull run, let’s take Brandt’s estimate of Bitcoin reaching $150k by August 2025 to see where Sui Network could reach. According to the chart below, by August 2025, Sui Network will have a circulating supply of ballpark 3.5 billion.
Source: TradingView
So, where’s SUI Heading Next?
Like Solana and Ethereum, Sui Network deploys high-functionality smart contracts, enabling developers to build a world of decentralized applications (dApps) offering services from finance to gaming.
While Ethereum has a maximum theoretical throughput of 119 transactions per second (tps), Sui’s developers say it is capable of achieving a staggering 297,000, thanks to its ability to process multiple transactions simultaneously.
These fundamentals have made Sui a potential “Ethereum killer”. But to reach a high of $28, the token would need to 7X. Given the fact that it achieved 4X in the space of just over three months (between September 12 and November 18), a market-wide post-halving bull run could easily bootstrap it to $28 by August next year.
Should that happen, Sui will have a market cap of $98 billion. Remember, the circulating supply at this point will be 3.5 billion $SUI. So, multiply that by $28 to arrive at $98 billion, a figure which would make $SUI the fifth largest coin in the world today, just one place behind the $114 billion cap Solana.
It’s also worth noting that the market cap of meme coins on Sui Network blew up by 30% in the space of 24 hours just yesterday. This pivot to meme coins could provide Sui’s blockchain with a driving narrative next year, much like Solana’s meme coin launchpad Pump.fun did this year.
In conclusion, Sui could reach $28 if Bitcoin hits $150k. It is a perfectly grounded and believable prediction, but a lot changes very fast in crypto and the market is volatile, so all estimates, no matter how technical, are educated guesses.
Additionally, after frequent rallies, Sui’s price has moved double the distance Bitcoin’s this month. Bitcoin rose 34.5%, while Sui rose 68.9%, making $SUI one of the best cryptocurrencies to buy in November.
While Sui and Bitcoin Rally to New Highs, Catslap Explodes onto the Scene
While Sui and Bitcoin have been setting new high watermarks, over in the weird and wonderful world of meme coins, one new project has its sights on becoming the biggest cat meme coin in the world.
For the last week, investors have gone crazy over a viral Ethereum meme coin that debuted on Uniswap last week. Within 24 hours it had blown up over 1,500% as investors snapped it up, intrigued by the project’s tap-to-slap mini game.
The game is on Catslap’s official website, where players click (or tap) the screen in order to animate a gif of the viral slapping cat.
The game logs each by country and distributes rewards to the nation at the top of the leaderboard.
The project’s X account already boasts almost 10,000 followers in a week of trading.
Catslap has a maximum supply of 9 billion, with 50% for liquidity, 20% to staking—where investors can earn 40% for locking up their tokens, 10% to community rewards, 10% to development, and 10% to its team (with this latter allocation vested for ten years).
Procure Catslap via Uniswap or directly via the official website, where 1 SLAP is $0.00280728.
The website urges investors to “buy and stake $SLAP before major announcement!” along with a timer displaying just over six days left.
All this has helped Catslap become one of the nineteen best new meme coins on the market right now.
The post Here is Why SUI Could Reach $28 If Bitcoin Crosses the $100k Barrier appeared first on Cryptonews.
