Ethereum

Did you miss Ethereum? This little-known cryptocurrency could be on track for a big leap forward

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Crypto investors are hoping that Sui can become the proverbial next Ethereum.

Since its launch almost ten years ago, Ethereum (ETH 2.53%) skyrocketed from around $0.30 to around $3,000, making it one of the most successful crypto investments of all time. On his way to the top, Ethereum has gained a dominant market share in almost every niche of the blockchain world and now 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’s a cryptocurrency that’s starting to remind me of what Ethereum was like in 2015. You’ve probably never heard of it. Sui (ISU -1.15%), but it has very discreetly become a Top 50 cryptocurrencies, classified by market capitalization. It may still be early, but there are several good reasons why he might be ready to make a major move.

What is Sui and why should you care?

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

The cryptocurrency also has a world-class founding team, comprised of senior executives and developers from Facebook (before being rebranded Meta). At Facebook, these technologists worked on blockchain projects such as Diem, which was Facebook’s first attempt at creating a global digital currency. Given this pedigree, venture capitalists have been more than willing to invest more than $300 million in Mysten Labs, the company behind Sui.

Just keep in mind that the Sui blockchain officially launched in May 2023, so it’s still early days here. Ethereum literally had an eight-year head start, and it will be difficult to capture market share in key blockchain niches such as DeFi. But there’s no denying that Sui is a new blockchain challenger that needs to be taken seriously, if only because of all the money and top talent behind it.

Sui has a mobile crypto strategy

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

In terms of appearance, this new device has been compared to both a PlayStation Portable and a Steam Deck. In terms of cost, it will probably be priced around $500, so it won’t be cheap. And as for the games available, that will include games from Sui, as well as several other gaming partners.

Image source: Getty Images.

But will this new product be a success? 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 every young adult or teen in your household, and ask them what they think. Early reviews on social media have been positive, but there are many unknowns.

How high can Sui rise?

In July 2015, when it was officially launched, Ethereum was trading at less than $1. In March 2016, it reached the $10 mark. In May 2017, it reached the $100 mark. So, in just its first two years, Ethereum’s value increased more than 100 times. And that was just the beginning, as Ethereum eventually reached an all-time high of $4,892 in 2021.

Could we observe the same phenomenon with Sui? Currently, Sui is trading around $1. If people think its new mobile crypto strategy is going to be a success, Sui could start moving to the $10 level or even higher. But think big: what if Sui started taking market share away from Ethereum in key areas like DeFi? There is no limit to how high Sui can reach.

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 it may be unlikely that Sui will manage to succeed when others have not. But if you missed Ethereum the first time around, Sui may be worth a closer look.

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