Suku Coin Price Prediction: Is SUKU crypto a good investment?
Is SUKU crypto a good investment?
Suku is an ecosystem based on blockchain technology that makes supply chains more efficient and accessible. It, thus, connects consumers and businesses. Suku ecosystem aims to bring the Web3 communities together by providing them with tools and incentives to grow.
The ecosystem consists of three things i.e., the Suku platform, trading partners, and technology partners. Suku’s aim is to build an open software distribution model that consists of applications and services which are built by Suku’s technology partners and are utilized by Suku’s trading partners.
Suku aims to solve the hurdles for mass adoption of Web3 i.e., its goal is to build better tools and necessary infrastructure to increase the utility of Web3.
Web3 technology can help developers and innovators to envision the future of decentralized internet and hence, has a huge scope for growth in the future. Moreover, as per the reports, the global Web3 blockchain market is expected to grow at a Compound Annual Interest Rate of 44.9% by the end of 2030.
Furthermore, the Suku ecosystem is also engaging with NFTs. Its latest announcement of minting NFTs tweet can also be said to be an innovative step in this domain. Reports say that the NFT market is expected to grow at a CAGR of 34.2% by the end of 2030.
Apart from that, as per the reports, the CPI index increased to 7.1% in November 2022. However, the data depicts that CPI Index has declined from June 2022 to November 2022. Therefore, the comparative decline in CPI Index can be considered a positive indicator that people might start again to invest in speculative assets including NFTs.
What differentiates SUKU crypto?
Well, the Suku platform can help consumers to make informed choices when they buy a product or service by making the supply chain more transparent and accessible. There are not many blockchain platforms in the market that focus on supply chain management along with focusing on the development of Web3 world.
By integrating blockchain with the supply chain, Suku aims to provide better transparency and efficiency for small to medium enterprises. Furthermore, the Suku platform allows the integration between different applications and services to unroll the entire supply chain activity.
Therefore, as the Suku platform is into both NFTs and Supply Chain Management, the Suku token certainly has the potential to grow in the coming future. However, there needs to be more clarity in which direction is the business headed and what is the distribution of revenues.
Nonetheless, it is more than 95% down from its all-time high price and hence can potentially grow once the market conditions ease out.
SUKU crypto is the native governance token of the Suku platform which is based on Ethereum. SUKU crypto can have a total supply of 1,500,000,000 tokens, out of which 178,403,407 tokens are already in circulation. The following are the primary use cases of SUKU crypto:
- Users can use their SUKU crypto to pay transaction fees on the platform.
- SUKU crypto holders can participate in the governance of the platform.
- SUKU tokens are used to give rewards on the platform.
Suku Coin Price Prediction: Can Tweets be minted as NFTs?
Earlier this week, Suku announced two components namely Sukuthis and Suku Web3 Connect as a step towards its broader product scope.
Here, Sukuthis is a widget that can allow users to mint their tweets as NFTs directly from Twitter. They can do it just by tagging “@Sukuthis” in any post or reply. Soon after that the users will get a reply from Sukuthis with the instructions to collect the NFT using their Twitter account.
With Suku Web3 Connect (which is a chrome extension), users can collect the minted tweets, manage their NFT collectibles and trade them on OpenSea (without any cost).
Though Sukthis and Suku Web3 Connect are in the beta stage of development, it is a quite unique initiative by the Suku ecosystem. Let’s also see what the Reddit community has to say about this initiative.
In a Reddit discussion on a similar topic, one user commented that by minting the Tweets as NFTs, one can verify if someone has actually said that or if it is an edited version. He added that users can even verify whether the account is real or not.
Suku price prediction
Let us first overview SUKU crypto’s price history for the past few months to predict whether it can go up or down in the coming months. Note that its performance in the past months can help us gain the required context for the future. Let’s discuss:
Image: SUKU’s one-year graph
Above is its graph for 1 year and as we can see that the market price of the SUKU crypto, one year ago, was $0.42. Hence, there is a decline of more than 86.9% in its price in one year, considering its current price of $0.055. Also, there were numerous ups and downs stating that the hike wasn’t really continuous. It even reached a peak at $0.62 during that period.
SUKU crypto’s price has decreased by more than 17.9% in three months (though the increase was not consistent), keeping in mind that its price 3-months ago was $0.067. However, its price reached a peak at $0.08 during this period (as depicted below).
Image: SUKU’s one-year graph
The all-time high value of SUKU crypto is $1.25 which it achieved in November 2021. After that, the price started to fall and is currently priced at $0.055 (again the decline wasn’t consistent during the entire period). Also, its market price a month ago was $0.052. It means that it has increased by more than 5.5% since then.
Note that the SUKU coin is 95.6% down from its all-time high price, meaning that it has a huge scope for growth in the future.
Competitor analysis: Suku vs Alchemy
Alchemy- It is a Web3 development platform that builds a set of powerful tools to help the scaling of decentralized applications by the users.
Alchemy is a blockchain development platform that aims to provide developers with fundamental building blocks to create the future of technology. Here the users can connect their Dapps to the blockchain and scale with their users.
Suku- Suku ecosystem is a blockchain-based system to make supply chains more accessible and transparent and thus, fuels Web3 by bringing the communities together. It provides a set of tools to help the Web3 community grow faster and stronger.
Suku Coin Price Prediction: Will SUKU reach $1?
To reach a price of $1, the SUKU crypto needs to grow by 18.18 times, considering its current market price of $0.055.
Suku crypto reached its all-time high price of $1.25 in November 2021, where it grew by 7.81 times in just 4 months (from the lowest value of $0.16 in July 2021). It means that it grew by 1.95 times in one month.
Thus, the SUKU crypto requires 9.32 months to reach a price level of $1.
However, the current market situation of liquidity and inflation is definitely not in the favor of the crypto market. Therefore, it cannot even reach that value in the time as calculated above. Therefore, reaching $1 is definitely not a tough target for the SUKU crypto because it has reached that value earlier. However, it will need much more time to reach that value.
Suku Crypto Price Prediction: Will SUKU reach $10?
SUKU crypto needs to grow by 181.81 times to reach $10, considering its current market price of $0.055.
As Suku has shown a 1.95 times growth in one month, it will need a minimum of 93.23 months (less than 8 years) to reach a price level of $10.
But, as discussed earlier, macroeconomic conditions are not currently in the favor of the crypto market the inflation is also much hotter compared to times when SUKU crypto achieved its all-time high price.
Therefore, the SUKU crypto can certainly not reach a price level of $10 within 8 years, rather it needs more time than that once the economic factors turn out to be in its favor.
Also Read: Sun Token Price Prediction
Suku Price Prediction Today
|Overall Outlook||Partially Negative|
|1. Market's Wisdom||Partially Negative|
|1a. Market Data||Partially Negative|
|1b. Technical Recommendation||Neutral|
|2. Crowd's Wisdom||Partially Negative|
|2a. Social Media Buzz||Lower|
|2b. Social Media Sentiment||Neutral|
Where can I buy SUKU crypto?
SUKU crypto can be bought on many Centralised and Decentralised exchanges, including SushiSwap, Coinbase, KuCoin, Bittrex, Gate.io, BTCEX, HitBTC etc.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.