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SUI outshines Solana on the price font – Is $6 the next target? Sui [SUI] outperformed Solana [SOL] by 30% in early January, continuing a trend that began last September. This reinforced SUI’s position as a strong competitor in the layer 1 space. In fact, its remarkable traction has gotten the attention of some SOL investors like Rauol Pal. Since the November elections in the U.S, SUI has outperformed SOL by 166%. Simply put, SOL investors would have been better off holding SUI over the past three months. SUI network activity soarsThat being said, SUI’s recent rally was also marked by strong network growth. In early January, the gas consumed soared from 16k to over 21k, indicating an uptick in transactions within Sui’s network. Similarly, active addresses increased from 590k to over 770k in less than two weeks—A 30% increase. With such an uptick in network activity and demand, SUI’s price jumped by 30% to $5 and still held some New Year’s gains. On the price chart, the altcoin chalked an ascending channel, with traders now targeting the range of highs and lows for entry and profit-taking. If the channel holds over the next few weeks, SUI could slowly climb to $6 or above. In fact, a recent random X poll indicated that some users expect the altcoin to flip Cardano [ADA] by February. Currently, ADA is ranked as the ninth largest crypto by market cap with figures of about $32 billion. SUI was 11th with $15 billion, about half of ADA’s market size. Assuming ADA’s traction remains constant, SUI has to double its current value to +$10 to flip it. Worth noting, however, that Coinglass data revealed that 57% of top traders’ positions in the Binance exchange were betting on SUI’s upswing. If the market sentiment improves, bullish sentiment could fuel altcoin traction. #SUI #Solana #SolanaMemeCoins #CryptoMarketAlert #Cryptonews

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SUI outshines Solana on the price font – Is $6 the next target?

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US CPI Inflation & PPI Data In Focus; Will It Impact BTC & Altcoins Rally? The financial market has gone through a topsy-turvy scenario lately, with soaring macroeconomic concerns weighing on the investors’ sentiment. Notably, recent economic indicators like the US Job data and Fed officials’ hawkish remarks have fueled concerns among traders. Having said that, investors now eagerly await the US CPI inflation and PPI data, which is scheduled to be released later this week. Besides, it also fueled speculations about how these indicators might impact the BTC and altcoins’ performance ahead. Crypto Market Awaits US CPI Inflation Data The crypto market eagerly awaits the US CPI inflation data now, scheduled for Wednesday, January 15, for cues on the current economic health. Notably, recent indicators like the robust US Job data have fueled investors’ concern recently. According to the latest Labor Department data, the US has added 256,000 jobs in December, exceeding the market forecast of 160,000. Besides, the unemployment rate also plunged to 4.1% from 4.2% in the prior month. This robust US Job market data further cemented bets over a potential hawkish move by the Federal Reserve ahead. Notably, it appears that the central might stick to its tightened monetary policy and the market may have to wait till June for the first Fed rate cut this year. What To Expect From US CPI? The US CPI inflation is one of the key focuses of the financial market this week, let alone the crypto space. According to market estimates, the Consumer Price Index is expected to remain unchanged at 0.3%, while the YoY CPI is likely to come in at 2.9%, up from the previous month’s figure of 2.7%. On the other hand, the Core CPI, which excludes food and energy prices, is expected to cool at 0.2% from the 0.3% figure noted last month. Simultaneously, the Core CPI on a year-over-year basis is expected to remain unchanged at 3.3%. #CPI #USA #CRYPTO #cryptomarket #Cryptonews

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US CPI Inflation & PPI Data In Focus; Will It Impact BTC & Altcoins Rally?

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SHIB Burn Rate Surges 300% as Community Pushes for Larger Reductions SHIB burn rate surged 300%, with 24,609,003 tokens sent to dead wallets within 24 hours. Community urges the SHIB team to burn 30%-90% of circulating supply to increase token value. SHIB team highlights Shibarium utility as the key to sustained burn rates and supply reduction. The Shiba Inu community has achieved a significant milestone by increasing the burn rate of SHIB tokens by 300% within the last 24 hours. According to data from Shibburn, a popular tracker of Shiba Inu transactions, 24,609,003 SHIB tokens were sent to dead-end wallets during this period. Two Major Transfers Boost Burn Rate Two significant transactions primarily drove the high burn rate. The first transfer eliminated 17,220,462 SHIB tokens, while the second moved 4,635,583 SHIB tokens to unspendable blockchain addresses. These efforts have significantly reduced the circulating supply of the canine-themed cryptocurrency. Additionally, weekly burn statistics reveal an impressive figure of 89,141,480 SHIB tokens burned over the past seven days, reflecting a 60.82% increase. These numbers highlight the ongoing commitment of the SHIB community to reducing token supply and potentially boosting its value. However, despite these efforts, the total circulating supply remains at 584,187,080,732,459 SHIB, with an additional 5,069,933,926,697 SHIB tokens staked, according to Shibburn’s official website. Community Poll Calls for Aggressive Supply Cuts Amid the growing burn rate, a SHIB-themed account, @cryptoshibs, initiated a poll on social media urging the community to advocate for a substantial reduction in the circulating supply. The poll proposed burning between 30% and 90% of SHIB tokens, with many users believing such drastic measures could propel the cryptocurrency’s value to new heights. However, the SHIB development team clarified that they do not control the token’s circulating supply and cannot directly accelerate burns. #shibainu #SHİB #Shibarium #memecoin #Cryptonews

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