The DePIN crypto narrative has ignited major growth for SUI coin, and now SUI price analysis reveals this could fuel SUI’s rise to Solana status.
As the 2024 bull run heats up, retail investors are stacking up their portfolios in anticipation of huge narrative rallies in the year ahead, and DePIN is rapidly emerging as one of the most promising sectors.
Other top narratives in the market in Q2 include RWA, AI, GameFi, BRC-20, Meme Coins, and SocialFi.
Today we’re going to focus on DePIN – but what exactly is it?
DePIN, or Decentralized Physical Infrastructure Networks, is capturing the spotlight as a blockchain solution for the Internet of Things (think: smart homes, wearables, cars, mobile networks, and GPU rendering).
To imagine it more simply, DePIN is a way to get more normal people into crypto with little effort; they might not even know they’re interacting with a crypto company using a DePIN device. Right now, the top blockchain for development in the DePIN space is the SUI blockchain – which has seen a significant uptick in development activity in recent months.
(SuiVision)
Sui is emerging as a fertile ground for DePIN projects, hosting platforms at the forefront of this technological leap. Here’s what you should know about the Sui coin and its best DePIN projects.
SUI Price Analysis: SUI Coin Testing Critical Support Amid Bearish Signals
(SUIUSDT)
As price action fights for support, Sui Coin is currently trading at a market price of $1.55 (representing 24-hour change of -1.49%).
This comes amid a tumultuous test of upside resistance at $2.19, which following rejection has triggered troublesome price action – as SUI price analysis reveals an emerging head and shoulders pattern that could signal a further downside move.
However, this also comes amid a well-defended display by holders, with $1.50 forming the key support level to watch.
In a reassuring sign, the RSI indicator has shifted to bullish divergence at 41.71 – suggesting that SUI price has the capacity to move to the upside.
But this contrasts with minor bearish divergence on the MACD, which spotlights stalling rally momentum at -0.0353.
Overall, SUI is in a somewhat critical moment here – if bulls lose their grip over price action – it is likely SUI coin could drop to $1.20 (-20%).
At a Glance: SUI Coin Fundamentals In Spotlight
In 2019, Facebook decided to create a crypto stablecoin platform called Diem. To make a long story short, it failed miserably.
Why? Regulators crushed it because of fears of further Facebook monopolization.
Soon afterward the development team brought together by Diem split off into two projects: Sui and Aptos.
Today, the Sui network has 100 globally distributed validators that achieved peak throughput ranging from 10,871 TPS to 297,000 TPS on various workloads. Sui’s time to finality is ~480 milliseconds.
Many consider Sui coin to be a contender as the next Solana, especially after its competitor and cousin, Aptos (APT), broke into the top 25 tokens by market cap.
Best Sui DePIN Projects: #1 Karrier One (KONE)
Karrier One aims to revolutionize wireless access, targeting the signal-starved wastelands and banking the unbanked with only a phone number.
They also aim to provide reliable and affordable internet access regardless of location.
(Karrier One NFT)
Karrier One has chosen Sui Network to catapult the sluggish telecom industry into the fast-paced realm of Web3.
Their strategy involves a threefold approach:
- Engineer a mobile network that ends the era of ‘no service’ zones
- Ensure everyone in the Web3 spaces gets a slice of the signal pie
- Morph phone numbers into digital wallets, bypassing the need for traditional banking
Presently, Karrier One is making strides in the United States, Canada, and Kenya.
Best Sui DePIN Projects: #2 Chirp Wireless (CHIRP)
(ChirpExplorer)
Chirp Wireless is a beacon in decentralized wireless technology, and the project is focused on an aggressive rollout of a global decentralized telecom and IoT network. Chirp is already marking its presence across five continents.
“The Sui blockchain can facilitate real-time, secure, and scalable interactions among a vast network of interconnected devices without the bottlenecks that plague other blockchains,” explained Chirp CEO Tim Kravchunovsky in exclusive comments to 99Bitcoins.
“For DePIN, where rapid data exchange and reliability are paramount, Sui’s high throughput and low latency are particularly advantageous.”
Indeed, Chirp uses blockchain and AI for security and management, and the high scalability of SUI coin enables the team to offer innovative tools like Blackbird IoT gateway and Cardinals 5G miners, with a new mystery miner coming soon.
CHIRP token is required for network access and currently has a deflationary model with non-transferable NFT Access Badges for subscriptions.
The Bottom Line: Don’t Sleep on DePIN Narrative on Sui Network
Sui network is laser-focused on capturing DePIN growth, with the ecosystem dedicating tremendous support and nurturing an eclectic group of innovative DePIN projects.
Karrier One and Chirp exemplify DePIN’s potential, offering innovative solutions to global challenges as Web3 races to connect the unserved.
If you’re tired of seeing Ethereum and Solana leading the way, SUI might be a chain to watch – stay tuned for the latest on 99Bitcoins.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital
