SUI falls short of PEPE’s success but is poised to avoid a downfall
|- SUI price has declined by over 25% since its launch at the beginning of this month, while PEPE has crashed by 60%.
- SUI has potential in terms of use cases, thanks to a solid development team behind the project.
- SUI is yet to gain traction in the crypto market as the cryptocurrency only has $23 million in TVL on the chain.
SUI launched this month but failed to gain the popularity that PEPE did with its launch in mid-April. But once a meme coin’s hype peaks, it has nowhere to go but down. This is the bane and the boon of meme coins that the Sui network is far away from.
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SUI has what PEPE never did
Stability - The Sui network and its token have stability in comparison to not just PEPE but many of the other meme coins as well. Since the Sui network has been developed by former Facebook employees, the token and its network are sound in terms of growth and development and also have a reliable team to expect updates from.
PEPE, on the other hand, is nothing more than a meme whose popularity was out of control. It has no solid use cases or even a decent Decentralised Finance (DeFi) network, which is basically a must-have for any crypto chain in this day and age.
But SUI is also not enjoying a lot of bullishness either due to its slow start. Despite being a DeFi chain, the Sui network only has some $23 million in total value locked (TVL), which is actually a decline from the $36 million noted at its launch. This value does not even account for 0.1% of the entire DeFi market’s value, that stands tall at $72 billion.
Sui Network TVL
Regardless, the project holds a lot of prospect in the future, as it was also named one of the most potentially profitable tokens a while ago. Crypto analyst, Lark Davis, even included it in the list of tokens that have the potential to 100X this year.
If this potential turns into reality, the Sui network would observe more interest from investors who would want to get a piece of the asset. At the same time, it would also prevent the altcoin from dipping further.
As is, since its launch, the SUI token has lost nearly 25% of its value since its launch, falling from $1.4 to $1.0 at the time of writing.
SUI/USDT 1-day chart
However, it is still doing better than PEPE, which has become the spotlight of Q2 2023 and has crashed by almost 60% in the same duration, trading at $0.00000154.
PEPE/USDT 1-day chart
Once SUI finds more use cases, the altcoin might be able to make it big, but until then, the cryptocurrency and Sui network will take a backseat in terms of making the headlines.
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