Sui Receives Major Boost with Native USDC Support from Circle

Sui, a prominent layer-1 blockchain platform, experienced a significant boost after Circle announced support for native USDC on its mainnet. The announcement, made on October 8, marks an important milestone for the blockchain.

Notably, on the same day, Coinbase, a leading U.S.-based cryptocurrency exchange, included USDC on Sui in its listing roadmap. This development comes during a period of substantial growth for Sui, which has seen its value more than double over the past month. A notable price surge occurred after Bybit added Sui to its Launchpool.

What Native USDC Means for Sui

With the introduction of native USDC, Sui developers and users no longer need to bridge the stablecoin. This development allows seamless access to USDC’s liquidity for various decentralized applications within the Sui ecosystem, including decentralized finance (DeFi) protocols, gaming, decentralized physical infrastructure networks, and non-fungible tokens (NFTs).

Before Circle’s launch of native USDC on Sui, the ecosystem relied on a version of USDC bridged from Ethereum via Wormhole. This change is expected to increase network activity on Sui, potentially pushing its total value locked (TVL) above the current $1.55 billion.

SUI Price Prediction

Sui’s price has shown a remarkable rally in recent weeks, breaking out from a bull flag pattern. Scott Melker, a crypto investor and host of the Wolf Of All Streets podcast, highlighted this bullish breakout in a recent social media post. Despite a 6% retreat in the past 24 hours, aligning with dips in other top altcoins as Bitcoin fell below $63,000, Sui has experienced a 108% increase over the past 30 days.

This bull flag and chart in general should be studied by Technical Analysis enthusiasts for generations to come.

If the bulls maintain their position near $2, Sui could potentially surpass its current all-time high of $2.17, reached in March. However, crypto analyst Altcoin Sherpa advises caution:

$SUI is insane and already WAY past their former ATH in terms of marketcap. Wouldn’t personally buy here in terms of pure price analysis but definitely still observing. This makes a great trade but maybe not the best hold given unlocks.

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