SUI price set for new ATH amid native USDC launch

Sui received a major boost after stablecoin issuer Circle announced that its layer-1 blockchain platform supports native USDC on its mainnet.

Circle announced that its native USDC (USDC) is now live on Sui (SUI) on October 8th.

Another notable development for Sui that day was that Coinbase, the leading US-based crypto exchange, announced that it had added USDC to Sui in its listing roadmap.

The news comes at a time when Sui is experiencing a significant rise, with its value more than doubling last month. After Bybit added Sui to Launchpool, the price of the cryptocurrency rose sharply.

What does native USDC mean for Sui?

Native USDC means developers and users on Sui will no longer need to bridge the stablecoin and can leverage its liquidity for decentralized finance protocols, games, decentralized physical infrastructure networks, and non-fungible tokens within the Sui ecosystem.

Before Circle launched USDC natively on Sui, the ecosystem used a version of USDC bridged from Ethereum via Wormhole.

According to DeFiLlama, this could lead to an increase in Sui’s network activity, potentially pushing its total value above the current $1.55 billion.

SUI price prediction

Sui has rallied in recent weeks following the breakout of the bull flag, as crypto investor and host of the Wolf Of All Streets podcast Scott Melker noted in a post on X.

The price of Sui is down 6% in the last 24 hours, with Bitcoin (BTC) falling below $63,000, in line with declines in other leading altcoins. But with a 108% increase in 30 days and bullish test levels near the all-time high of $2.17 reached in March, will price discovery be the next?

If the bulls hold near $2, the next rally is likely to push Sui above its all-time high. But before this happens, crypto analyst Altcoin Sherpa issued some warnings about the altcoin:

$SUI it’s crazy and has already surpassed its old ATHs in terms of market cap. From a pure price analysis perspective, I personally wouldn’t buy from here, but I’m still definitely keeping an eye on it. This makes for a great swap, but may not be the best grip given on unlocks pic.twitter.com/XoUPY39879

— Altcoin Sherpa (@AltcoinSherpa) October 7, 2024