• The SEC’s lawsuit against Binance and Coinbase has been impacting the crypto market, resulting in a 14% decrease in Sui prices over the past week.
• Meanwhile, two new presale tokens – Wall Street Memes and Ecoterra – have emerged with bullish momentum as traders look to hedge against the bear market.
• The Sui blockchain offers faster transaction speeds and low costs but is struggling due to bearish forces.
Sui Struggles Under Bearish Forces
The SEC’s lawsuit against Binance and Coinbase remains the overarching narrative of the crypto market. With extreme bearish forces at play, Sui prices are down over 14% over the past week and 44% in 30 days. Despite a major upcoming network upgrade, the token is expected to continue to struggle throughout June.
Presale Tokens Surge Ahead
On the other hand, two new crypto presale tokens – Wall Street Memes and Ecoterra – have emerged with bullish momentum in recent weeks as traders look to hedge against the bear market. These tokens have seen a huge rise of 2,000% since their listing in May following their respective presales.
Benefits of Sui Blockchain
The Sui blockchain derives its name from the Japanese word for water and has gained strong traction for its flexible architecture and scalability. It boasts faster transaction speeds and low costs compared to other blockchains on the market. The network announced its latest SIP 6 proposal which enables liquid staking for developers to build features for it, however this was not enough to stave off bearishness driven by news from Binance and Coinbase.
Wall Street Memes Presale Pumps Past $7M
Wall Street Memes has seen success with its current presale event which has now pumped past $7 million dollars worth of investments into its token sale event so far, surpassing all expectations thus far after just one month since launch. The token has received support from celebrities like Snoop Dogg who recently tweeted about his involvement with WSM Tokenomics.
Can Sui Prices Recover?
It remains uncertain if Sui prices can recover anytime soon despite an upcoming network upgrade that could potentially boost investor interest once again or whether this will only be temporary before more sell pressure pushes prices even lower throughout June 2021 until further news emerges from Binance or Coinbase regarding their legal proceedings with SEC authorities that could turn things around once again for investors betting on a crypto bull run later this year or early next year