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SUI price is currently going through a period of decline even after doing better than established staking networks such as Avalanche and Tron. This has caused the prices to drop to around $0.50.
SUI Drops Amid Anticipation of Upcoming Token Unlock
The SUI token is experiencing a decline in its value today. This is possibly due to the looming prospect of an impending token unlock in the coming days. Token unlocks serve to ease the pressure of selling. They also permit early investors and project team members to sell holdings previously restricted. In line with this, SUI will increase its allocation for staking subsidies.
It will scale from 967,740 to 1 million SUI, an approximate value of $518,000. Only one day and 14 hours remain for this token unlock. Currently, about $17.97M worth of tokens are opened, which is 7.1% of the total supply of the network.
This sudden influx of tokens into the market could increase supply, thus impacting the token’s value. The market seems to be pricing in this expectation, possibly contributing to the current decrease in SUI prices. It comes as traders anticipate the effects of the imminent token unlock event.
SuiNetwork Hits $4.3 Billion Staking Market Cap in Under 4 Months
SuiNetwork has reached a market cap of $4.3 billion in less than four months since its mainnet launch. This success pushes it ahead of more prominent blockchains like Avalanche and TRON. According to the SUI community, the rapid growth confirms SuiNetwork’s position and potential for more growth in the blockchain world.
Staking Market Cap on top blockchains
In nearly 4 months on the mainnet, @SuiNetwork has soared past $4.3B in staking market cap, leaving behind established blockchains like #Avalanche , #TRON, and more!
A clear signal of Sui's immense growth potential
Uncover now👇$SUI pic.twitter.com/5BhqGthEsj
— Suipiens.sui 🦍💧 (@suipiens) August 27, 2023
SUI Price Analysis
The SUI/USDT Daily Price Chart indicates a breakout above the descending trendline. However, after this breakout, prices encountered strong resistance at $0.6068. Currently, prices have reached a significant support level at $0.5100. If prices break and close below this level, it could trigger substantial bearish pressure, pushing prices down. The succeeding support is $0.4500, the primary support before the descending trendline. This trendline previously acted as resistance but now serves as support.
SUI price must close above the critical resistance at $0.6068 to regain bullish momentum. This would potentially pave the way for a rise to the next resistance at $0.7858.
Technical indicators give mixed signals. The Stochastic Oscillator points downward, hinting at a possible further decline. Conversely, the Moving Average Convergence Divergence (MACD) histograms are positive.
However, a close examination of the MACD suggests an impending price fall despite the green histograms. The green feel is fading, indicating a potential drop below the zero line. This tips the odds in favor of the downside.
While the SUI price is declining with significant losses, another coin with positive potential is SONIK. The project recently breached the $250,000 mark in presale sales.
Promising Alternative to SUI
Sonik Coin (SONIK) is on a mission to reach a market cap of $100 million. It draws inspiration from the renowned Sonic the Hedgehog mascot. As it surges forward, it swiftly approaches its presale hard cap.
The $SONIK #Presale is ending soon 👀
Time to load up 👉 https://t.co/s1fTdXDQCK#Sonik #MemeCoin #Crypto pic.twitter.com/ArmPKu9S0u— SONIK COIN (@Sonikcoin) August 29, 2023
With experts showing optimism for 10X gains, Sonik Coin touts itself as a newly developed token based on the Ethereum ERC20 mainnet. A presale campaign is underway to raise the project’s maximum cap to $2.098 million.
The development team believes Sonik Coin’s virality and profitability will make it the dominant meme coin. According to the website’s ambitious claims, Sonik currency plans to break the record for the fastest meme currency to go from zero to $100 million in market cap.
Fostering Passive Income: SONIK’s Staking Advantage and Ecosystem
SONIK has always been a more appealing option for crypto enthusiasts due to its stake-to-earn usefulness, offering a passive revenue stream. Staking your $SONIK allows you to start earning rewards immediately. These benefits are determined by the APY and the stakeholder’s proportional part of the $SONIK staking pool.
Up to now, 23,897,374,662 SONIK have been staked, equivalent to an estimated APY of 100% according to the latest staking update. At the same time, out of 1.6 billion WSM tokens, 9125 rewards are given out per simulated block as part of the project.
Sonik Coin$Sonik Coin harnesses meme coin mania, eyeing a $100M cap. Stake-to-earn with an impressive 145% APY. Intense marketing underway. Note: No affiliation with Sonic The Hedgehog! #SonikCoin #StakeAndEarn 🚀🎮
— Noʍad Dad (@Urquan79) August 27, 2023
The Sonik Coin ecosystem was built with a four-year time horizon in mind to ensure a long-term, steady rollout of staking incentives. This new schedule is consistent with the platform’s long-term goals and will improve its stability.
Further, the project’s tokenomics is impressive, with 50% of tokens allocated to the presale, 40% to staking, and 10% to liquidity.
Moreover, the Sonik Coin comprehensive road map covers all the essential phases: Creating a token and staking system, making memes, planning a presale, developing effective marketing methods, and developing a solid community.
Token Supply and Symbolic Speed: A Rapidly Unfolding Project
The project’s maximum token supply is set at 299,792,458,000 tokens. This is the value of the speed of light, mirroring the rapid pace at which the project unfolds.
The presale phase for Sonik is running out fast, with a current accumulation of $612,857.67. Follow the live countdown on the website here. Each Sonik coin holds a fixed value of $0.000014 until all the coins have been sold.
After completing the presale, the project’s worth on Uniswap will be a modest $4 million because of the small hard cap. The potential for growth and profit is enormous, given the current pricing.
Also Read:
- Sonik Coin Poised for 10x Gains – A Chance to Get in Early on the Next Big Meme Coin
- Sonik Coin Price Prediction – SONIK Price Potential in 2023
- How to Buy Sonik Coin – $SONIK Token Presale Ends Soon
- Crypto News Channel Reviews The Sonik Coin Presale – Next 10x Meme Token?
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