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$SUI Foundation has just announced a $51 million ecosystem funds to boost activities on the blockchain. No, these are not new tokens.
A total of 117 million SUI tokens have been recovered from market makers and directed for ecosystem growth.
And somehow, this news is coming around the time when SUI TVL grew by more than 100% in the last week alone. How will all of these affect the price of SUI? Let's find out.
How Does The SUI Ecosystem Fund Affect
$SUI Price?
As it always happens whenever a project launches a significant ecosystem fund, something similar will happen with SUI.
Developers will have access to funds to buildTalented developers will want to build on SUIThere will be more money flow in the SUI ecosystemAnd if the price of SUI goes up, then the community will become stronger.
The SUI Growing TVL. A Good Sign
From July 30 to September 5 2023, the TVL of SUI has increased by 300%, from $12.6 to $38.6 million. Remember that TVL stands for Total Value Locked. Why is this significant?
Growing TVL shows interest in the projectIt also means #DeFi is working fine on the chain
Yes, $38 million in TVL is small when compared to some other chains like Ethereum, BNB Chain and Arbitrum
What Is The SUI Price Prediction?
Based on the above, I think we can see SUI above $2 soon. And maybe even $2 and go on to break the current all-time high.
Take a look at the chart. It's been down only since SUI was listed on Binance. Since August 17, the price of SUI has been in a small range. Is it time to break out of that range?
It looks like a good time to buy SUI. However, keep in mind that SUI has one of the worst tokenomics around. There are going to be some massive unlocks in 2024. There's no need to catch a falling knife.
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