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SUI Whales Dive Deep: Major Investment in Mpeppe Signals Strong Future

Sui is an innovative Layer 1 blockchain and smart contract platform designed for fast, private, secure, and accessible digital asset ownership.

Key Developments

Sui has made notable progress, including opening a Dubai hub to foster blockchain innovation for developers and government agencies. It has teamed up with ONE Championship to incorporate its technology into a mobile game and comic series, enhancing fan interaction. Since the start of 2024, the platform has seen a 219% increase in monthly active developers and has nearly doubled its Total Value Locked in DeFi applications. Additionally, Sui secured $5 million in seed funding to expand its operations while continuing to develop its Sui Move programming language and dual consensus mechanism.

Whale Activity and Price Movement

Recent activity among Sui whales has spiked, leading to a 16% increase in SUI's price over the past week as major investors seek new opportunities. Whales are investing in the emerging project Mpeppe (MPEPE), an AI-driven decentralized casino platform offering unique gaming experiences and revenue-sharing options. One significant whale invested $5.4 million into Mpeppe, showcasing confidence in the potential of decentralized mobile gaming. This trend reflects growing interest in projects that combine gaming with decentralized finance (DeFi).

Price Analysis

Following a minor sell-off, SUIUSD has shown signs of recovery. A daily close above $2.35 will confirm a bullish trend. The SUIUSD has jumped nearly 30% this week, currently trading around $2.065.It remains well above both short-term (34 and 55 EMA) and long-term moving averages. If the pair closes below $0.45, it could invalidate the bullish outlook. Immediate support is at $2, with further downside targets at $1.59, $1.27, and $1.

Resistance is positioned around $2.35, with a breach suggesting a potential rise to $2.57 or even $3. A breakout above $3 could drive the price to $3.50. It is advisable to consider buying on dips near $2, with a stop loss of around $1.59 and a target price of $3.

 

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