Sui Network Is Surging In July. Key Things to Know

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Sui Network (SUI) is surging in July as it attempts to recover some of the losses made during the third quarter. The token is up 15% in the month despite Bitcoin (BTC) remaining range-bound.

The bullishness in the SUI ecosystem comes on the back of Sui 8192. This puzzle game is played on-chain, involving sliding tiles, with every move recorded as a transaction on the Sui Network.

What you should know about the network’s July drivers

The following are some of the drivers behind July’s surge.

Sui 8192 is a sliding tile game wherein gamers move tiles using arrow keys on their devices. To win, you must hit tile number 8192, making the principle similar to the browser-based puzzle game 2048, which was trending in 2014.

Haha! Finallyyyy!!!!😭 #sui 8192 @EthosWalletXYZ I got it. pic.twitter.com/xzau7SO0Fv

— hagoyyds (@hagoyyds) July 16, 2023

Sui 8192 is a blockchain-based game and the handiwork of Ethos Wallet. Standing as the network’s first fully-on-chain game, the project was originally intended to be a model of how apps could develop o the Sui blockchain.

Citing an official blog from the Sui Foundation, a new object is minted with every play in the game. This is akin to what happens with non-fungible tokens (NFTs). Similarly, every game is considered a transaction, meaning a gas fee is required. In crypto jargon, gas fees are the charges paid to facilitate a transaction.

Sui 8192 caused exponential growth in daily transactions on the network earlier in the week.

Daily TXs:

• $SUI has shown a massive spike in daily transactions so far in July, up 1209%! Strange given that DAA and DEX volumes are down

• The rest of the chains are showing strength/weakness in this metric in line with their changes in DAA, which makes sense

— Paddy the Pirate (@StPaddyPirate) July 10, 2023

This was so much so that certain data platforms, such as Artemis, hinted at the network being a worthy contender against the Solana network on the network activity metric.

BREAKING: @SuiNetwork FLIPS @solana IN DAILY TRANSACTIONS pic.twitter.com/JMAuE8JEZ0

— DEGEN NEWS 🗞️ (@DegenerateNews) July 15, 2023

Based on the data, the transaction count on the Sui network went above 20 million. This was 4 million above that of the Solana network at 16 million. Artemis calculated the number of transactions by tallying the number of order blocks.

Sui network rallies on the back of Bullshark Quests by Mysten Labs

Another July driver for the Sui network is Mysten Labs’ Bullshark Quests, where Bullshark community members actively earn SUI tokens as rewards. The value of rewards earned hinge on a holder’s level of engagement with different Sui games. Notably, Sui 8192 is also in this catalog.

📣Introducing Bullshark Quests – a new way for Bullshark holders to earn SUI rewards and other perks.

🦈The first Quest has already begun!

🤯The reward pool: 5M SUI! pic.twitter.com/vMji5FJ8aa

— MystenLabs.sui (@Mysten_Labs) July 6, 2023

Reward earning is the result of competition among players as well as task and activity completion. The Sui Foundation set aside up to 5 million tokens for rewards.

Sui network presents a newer, faster blockchain

In the latest, Mysten Labs CEO Evan Cheng advocated for the Sui network, touting it as a newer, faster blockchain. In his opinion, the network would help developers build decentralized applications (dApps) faster and cheaper.

📰 CEO @EvanWeb3 sat down with @Forbes to discuss why he thinks the world needs a newer, faster blockchain: @SuiNetwork.

👉 Cheng also shared why Move (created by CTO @b1ackd0g) is key to developers – enabling them to build safe dApps faster and cheaper.https://t.co/iLiN6qiJiR

— MystenLabs.sui (@Mysten_Labs) July 18, 2023

These, among other chatter on Crypto Twitter, suggest a remarkable wave of optimism for the Sui network. It is also worth mentioning that validators play a crucial role in Sui’s Delegated Proof-of-Stake (DPoS) model. This is because of their role in processing transactions and participating in consensus. Their commitment is part of a shared resolve to uphold Sui as the ideal network.

Sui price forecast as the network enjoys a wave of optimism

At the time of writing, SUI is auctioning at $0.7279, a daily drop of 3%. However, the token remains 7% higher in market value over the last week and 10% over the last fortnight. The token continues to trade along an uptrend line. The token’s investors will continue raking in profits if the price sustains above the uptrend line. The Parabolic SAR indicator, tracking the token price from below, bolsters the bullishness while keeping traders ahead of trend reversals.

An increase in buying pressure from the current level could see Sui price breach the resistance offered by the 50-day Exponential Moving Average (EMA) at $0.7855. A decisive flip of this barricade into support will clear the path for more gains.

Momentum indicators though favour the downside. The Relative Strength Index (RSI) is tipping south to show falling momentum. The Moving Average Convergence Divergence (MACD) is also in the negative zone, pointing to the presence of bears.

If bears recover the market, Sui price could flip the ascending trendline support to resistance, unclogging the drains for a drop. This could see the altcoin record a new range low.

While SUI bulls fight to sustain the token on its bullish trajectory, investors may also want to consider LPX, the ticker for the Launchpad XYZ ecosystem.

SUI Alternative

Launchpad XYZ cryptocurrency project is built atop the Ethereum network and committed to facilitating an easy transition to Web3. It offers a wide range of features to help users understand the latest technology and maximize its value.

As reported, some of the features at users’ disposal on the Launchpad XYZ network include “the Launchpad custom-built DEX, the fractionalized asset marketplace, the Metaverse experience library, the trading terminal, the P2E game hub, and a Web3-compatible wallet,” among others.

Users can leverage these features to seamlessly access available assets or select what to buy based on individual growth potential.

Touted as the next Pepe Coin (PEPE), LPX is currently in the presale stage, with upwards of $1.166 million raised so far. The token retails for $0.0445, with only days left for a price increase. Buy LPX now for early entrant discounts.