The $SUI token underpinning the Layer 1 SUI network is closing on a new all-time high (ATH) today, while the similarly named $SEI from the Sei protocol is the best-performing Layer 1 token this week.
In the last 24 hours, $SUI added 8% to trade at $1.73.
The Sui Network token blew up an eye-watering 45% over the last seven days, which makes it the week’s second fastest-growing cryptocurrency among the seventy-five largest layer 1 projects after Sei’s $SEI, which added 73.5% over the week and currently trades at $0.4654.
Sui and Sei Price Analysis: Where Are The Layer 1s Heading Next?
Like Solana and Ethereum, Sui Network deploys high-functionality smart contracts, enabling developers to build a world of decentralized applications (dApps) offering services from financial services to gaming.
Sui processes transactions a lot faster than Ethereum. While Ethereum has a maximum theoretical throughput of 119 transactions per second (tps), Sui’s developers say it is capable of achieving a staggering 297,000, thanks to its ability to process transactions simultaneously.
Despite its promise, Sui Network’s support level had been falling steadily throughout the year-to-date and was dragged down significantly by the crypto crash on August 5th.
Since then, the token has successfully recaptured the psychologically important $1.50 mark, however, a falling relative strength index (RSI) of 45 indicates selling momentum could consolidate the token at its current level, which will give it a base to claim a new ATH.
Sui Network ($SUI) last set an ATH of $2.17 on March 27 this year. At today’s price, it’s 21% short of setting a new high watermark.
Meanwhile, $SEI, the token underpinning an eponymous Layer 1 protocol that provides infrastructure for building decentralized exchanges (DEXs), has had a more volatile upward trajectory since the August crash.
A steep vertical ascent in the last 24 hours indicates a possible whale purchase has artificially inflated $SEI’s price. Its relative strength index is 73 and falling, indicating an overbought asset. This means the rally is likely to cool off as traders cash in recent gains.
Beyond Layer 1s: The Dawn of Solana Casinos
To invest in layer 1 tokens like Sui and Sei is to play the long game. For the most part, their price movements follow Bitcoin’s, except on rare weeks like this when they lead.
That’s because it takes time for Layer 1 networks to cultivate the talent, funds, tech and products, to be able to compete with stalwarts like Ethereum and Solana.
However, one such sector that could see more immediate flourishing is GambleFi, which operates at the intersection of two emerging markets: Web3 and online casinos.
Perhaps the most exciting upcoming gamblefi project is Mega Dice ($DICE), a crypto casino token that has raked in $1.9 million so far in its ongoing ICO.
Mega Dice launched last year as the world’s first licensed crypto casino accessible through the popular messaging app Telegram and has since attracted 50,000 players.
Others followed suit and launched iGaming bots on Telegram, most notably TG Casino.
Mega Dice’s new $DICE turbocharges the online casino’s services to a whole new level.
As the platform’s native utility token, players can use $DICE to fund games and receive payment, with some games requiring it.
$DICE is also integrated into the casino’s loyalty program, offering more generous rewards and exclusive competitions and experiences to users.
It’s the only GambleFi coin that distributes a share of profits to its users on a daily basis through its novel staking system.
Don’t miss out! Follow Mega Dice on X and Telegram.
Visit the Mega Dice website.
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