In this post I will share my thoughts on the outlook of SUI Network in the coming months and why it will be worthwhile to spend some time and gas money on the apps in it’s ecosystem.
As always do not take this as financial advice and DYOR before taking any action.
Why is the SUI price pumping since January 2024?
Before talking about the current price action of SUI let’s take a step back and go to the start. SUI was launched about a year back and the airdrop was quite disappointing for majority of the SUI community. Many people did not get any part of the airdrop despite being active. Those who got the airdrop were not happy with allocation and the release in phases.
People started losing interest in SUI and it became a second tier chain which stopped being in the radar of most people in crypto.
Now with the bull market gaining steam the SUI token price has more than doubled. It had hit a low of $0.5 last year and now it has hit an all time high of $1.75.
This clearly shows that the money flowing into market sees SUI as a good opportunity.
Why Did I stick around with SUI last Year?
I was naturally pretty upset that I did not get a piece of initial airdrop from SUI but later I received communication that I had got a Bullshark NFT from SUI airdropped to my account for being OG and this NFT will have future utility. I did not care much about that NFT but soon SUI launched a big Quest with rewards worth more than 5 million SUI.
I usually hate quests as they are more like lottery that rewards very few people and the majority don’t get anything. However the quests organised by MystenLabs were very well distributed and all participants who completed the minimum criteria got 20-30 SUI rewarded with active participants getting thousands of SUI.
This changed my perception of SUI and since then I have participated actively in all their quests.
Each quest has a different theme like DeFI, Gaming , NFT etc and you need to interact with the apps to score points.
This improves your eligibility to future airdrops for these apps. Some of the DeFi apps like Cetus, Kriya and Turbos have a high probability of coming out with an airdrop this year.
What to do if this is the First Time you Heard of SUI?
If you have not interacted at all with SUI ecosystem at all till now I think it is still not too late. You can setup the SUI wallet, fund it with a couple of SUI tokens which will be enough to manage the transaction which are very cheap. If you have a bit of additional funds consider picking up few Bullshark or SuiFrens NFTs which hare available really cheap right now at 3-4 SUI each. They are usually a pre-requisite to participate in most of the quests and they are expected to have even more utility in the future.
Next you should participate in all the Quests they launch. Interact with the DeFI apps, provide bit of liquidity here and there. Need not be a big amount. Play the games on SUI network which are free to play and may give out a decent airdrop in the future.
Register a name on Sui Name Services which is same as what ENS is on Ethereum.
If you still have a bit of funds left then stake them in your wallet to earn some returns as well as be eligible for an airdrop by the wallet.
I think SUI price is going to hit much higher levels during 2024 so it will be a good idea to accumulate as many of those you can during the future quests.
All the Best!