Missed Out On Ethereum? This Little-Known Cryptocurrency Could Be On Track For a Big Move

Since its launch almost a decade ago, the Ethereum (CRYPTO:ETH) price has skyrocketed from around $0.30 to nearly $3,000, making it one of the most successful crypto investments of all time. On its way to the top, Ethereum has gained a dominant market share in almost every aspect of the blockchain world and currently ranks as the second most valuable cryptocurrency in the world with a massive market valuation of $354 billion.

These are tough steps to follow, but there is a cryptocurrency that is starting to remind me of what Ethereum was like in 2015. You’ve probably never heard of Sui (CRYPTO:SUI), but it’s quietly broken into the Top 50. Crypto sorted by market cap. It may be early days, but there are a few good reasons why he’s ready for a big move.

What is Sui and why should you care?

The first thing you need to know about Sui (pronounced “sweet”) is that it is a Layer 1 blockchain, just like Ethereum. However, it claims to be much faster, more efficient and cheaper to use than Ethereum. In theory at least, Sui offers the potential to process 297,000 transactions per second with record-low latency (latency), which measures reliability, and 100% uptime. This makes blockchain an excellent choice for both decentralized finance (DeFi) and Web3 gaming.

The cryptocurrency also has a top-notch founding team made up of Facebook’s top executives and developers (before it was rebranded as Meta). While at Facebook, these tech experts worked on blockchain projects like Diem, Facebook’s first foray into a worldwide digital currency. Given this pedigree, venture capitalists were more than willing to invest over $300 million in Mysten Labs, the company behind Sui.

Note that the Sui blockchain was officially launched in May 2023, so it’s still very early here. Ethereum literally has an eight-year head start and it will be difficult to capture market share in important blockchain niches like DeFi. But there’s no denying that Sui is a new blockchain challenger that should be taken seriously, if only because of the money and top talent behind it.

Sui has a mobile crypto strategy

Sui also has a great catalyst for 2025: the launch of a new handheld gaming device that will be fully integrated with the Sui blockchain. The new device, known as SuiPlay0x1, is still in development and won’t be available until next year.

In terms of appearance, this new device has been compared to both the PlayStation Portable and Steam Deck. In terms of cost, it will probably be priced around $500, so it won’t be cheap. As for what games can be played, it will include Sui’s games as well as many other gaming partners.

The story continues

Image source: Getty Images.

So will this new product be successful? This may be a question only teenagers and young adults can answer. My best advice is to create a list of all the games coming to Sui, show them to the young adults or teens in your home, and ask them what they think. Initial reviews on social media have been positive, but there are many unknowns.

How high can Sui fly?

Ethereum was trading for less than $1 in July 2015, when it was officially launched. As of March 2016, it reached $10. As of May 2017, it reached $100. So Ethereum’s value increased more than 100x in the first two years alone. And that was just the beginning; Ethereum finally reached its all-time high of $4,892 in 2021.

Can we see the same phenomenon in Sui? Sui is currently trading around $1. If people think the new mobile crypto strategy will be successful, Sui could start making a move towards the $10 level, if not higher. But think really big; What if Sui starts taking Ethereum’s market share in key areas like DeFi? The sky is the limit on how high Sui can go.

Of course, we’ve heard this story before when it comes to cryptocurrencies claiming to be the next Ethereum. No one has yet managed to topple the market leader, so perhaps Sui is unlikely to succeed when others have failed. But if you missed Ethereum the first time around, it might be worth taking a closer look at Sui.

Should you invest $1,000 in Ethereum right now?

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Dominic Basulto has positions in Ethereum. The Motley Fool has positions in and recommends Ethereum. The Motley Fool has a disclosure policy.

Did You Miss Ethereum? This Little-Known Cryptocurrency Could Be on the Way to a Big Move Originally published by The Motley Fool

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