bullish

Bittensor

Billion

Gains

The Grayscale news has ignited the SUI bulls, where the price coincides with a major demand zone. Both factors showcased optimism. In the Intraday session, SUI price the 46th-ranked crypto, had attained nearly 6% gains after the news. 
When writing, the bullish boost gave SUI price and market cap a thrust upwards of 6%. This amounted to $1.66 Billion.&nbsp; 
The spot volume inflow was more than 54%. The recent green candle signified increased liquidity in SUI, as the ratio was 15.34%. Thus, it makes trading much easier on an exchange close to the exchange value. 
<h2 class="wp-block-heading" id="h-the-grayscale-news-for-sui">The Grayscale News for SUI</h2> 
Per the recent tweet post by the official @Grayscale handle, It already offers more than 20 crypto investment products.&nbsp; 
It has recently announced that they have created two new single-asset crypto investment funds in the public launch. This would be available through private placements like Graysacle Bittensor Trust (TAO) and Grayscale <a href="https://www.thecoinrepublic.com/price-prediction/sui/">SUI </a>Trust (SUI). 
They further said that with the launch of Grayscale Sui Trust and Grayscale Bittensor Trust, they wish to provide investors access to cutting-edge projects. These projects are part of the crypto ecosystem’s continued evolution. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 We are proud to announce the creation of two new single-asset crypto investment funds, available through private placement: Grayscale Bittensor Trust <a href="https://twitter.com/search?q=%24TAO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TAO</a> and Grayscale Sui Trust <a href="https://twitter.com/search?q=%24SUI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SUI</a>. Available to eligible accredited investors. Press release: <a href="https://t.co/Xplh81KI9W">https://t.co/Xplh81KI9W</a> 1/3 <a href="https://t.co/pGcLhcZSdD">pic.twitter.com/pGcLhcZSdD</a>— Grayscale (@Grayscale) <a href="https://twitter.com/Grayscale/status/1821170731478356476?ref_src=twsrc%5Etfw">August 7, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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The attention grabbed by giants like Grayscale has garnered an exclusive milestone.&nbsp; 
Specifically for SUI, Grayscale’s Head of Product &amp; Research, Rayhaneh Sharif-Askary, said it has been redefining the smart contract blockchain. It happens to be a high-performance layer-1 designed to enable globally scalable dApps. 
<h2 class="wp-block-heading" id="h-floating-supply-distribution-in-sui-amp-its-rich-list">Floating Supply Distribution in SUI &amp; Its Rich List</h2> 
According to the CoinMarketCap data, SUI’s tokenomics displayed that 2.596 Billion SUI tokens were floating in people’s hands. This makes 25.96% out of the total of 10 Billion tokens. 
As of writing, the fully diluted market cap of the coin with respect to price was $6.347 Billion. The SUI Token unlocks highlighted excluding unlocked supply, and the locked supply was 21.87%. Moreover, the untracked supply was at 52.17%.&nbsp; 
As of this writing, the next unlock date was September 3rd, when it will unlock 83.88 million coins. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="569" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-79-1024x569.png" alt="Rich List &amp; tokenomics | Source: Coincarp &amp; CoinMarketCap" class="wp-image-655063" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-79-1024x569.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-79-300x167.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-79-768x427.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-79-1536x853.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-79-150x83.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-79-696x387.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-79-1068x593.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-79.png 1541w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Rich List &amp; tokenomics | Source: Coincarp &amp; CoinMarketCap
 </figcaption>
</figure> 
According to the CoinCarp platform, the massive adoption witnessed via the graph over the 1 year in SUI. Its holders advanced rapidly from an August low of 3.9 Million holders to 19.9 Million holders.&nbsp; 
The SUI holder stats showed that its top 10 holders held 13.55% of the total supply. From a broader perspective, the top 100 addresses held 15.84% of the floating supply. 
<h2 class="wp-block-heading" id="h-decoding-the-benefit-sui-price-might-get-from-grayscale-involvement">Decoding the Benefit SUI price Might get From Grayscale Involvement</h2> 
At press time, the SUI has advanced from the demand zone, where history has proof of a massive surge from the level.&nbsp; 
The indications are on the screen, as the RSI has resurged from oversold territory, coinciding near the demand area. A catalyst could kickstart a rally or a parabolic thrust ahead. 
The all-time high (ATH) was $2.1790. It traded nearly 70% down from that level. However, from the all-time low (ATL), the price traded 70% higher, which was $0.3630.  
<a href="https://in.tradingview.com/chart/SUIUSD/dKxtHUeq-Decoding-the-Benefit-SUI-price-Might-get-From-Grayscale-Involve/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
Therefore, if the SUI price surges, the resistance would be at $0.93 and $1.43, respectively. However, if the demand area breaks, the support needed to be studied would be at $0.48 and $0.36, respectively. 
The post <a href="https://www.thecoinrepublic.com/2024/08/08/sui-price-soars-on-grayscale-news-4x-gains-on-the-way/">SUI Price Soars On Grayscale News: 4x Gains on the Way?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

SUI Price Soars On Grayscale News: 4x Gains on the Way?

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