The SEC lawsuit against Binance and Coinbase continues to be the mainstream narrative of the crypto market. With extreme bearish forces at play, Sui prices fell more than 14% over the past week and 44% in 30 days.
Sui saw a huge 2000% surge when it was listed in May after its pre-sale, but despite an upcoming major network upgrade, the token is expected to continue to struggle through June.
On the other hand, two new cryptocurrency pre-sale tokens, Wall Street Memes and Ecoterra, have surged with bullish momentum in recent weeks, as traders look to hedge against the bear market.
Sui Can’t Avoid Crypto Bears, More Selling Pressure Expected in June
The Sui Blockchain, which derives its name from the Japanese word for water, has gained strong traction for its flexible architecture and scalability. Proof-of-stake Blockchain boasts faster transaction speeds and low costs. However, the SUI token is having a difficult time, with an extremely bearish trend driving down its price.
Earlier this week, Sui saw a spike when the network announced its latest SIP 6 proposal, which enables liquid participation and allows developers to build features for it. However, the token eventually gave way under strong bearish pressure created by the SEC suing Binance and Coinbase.
Despite the token not being explicitly mentioned in the lawsuit, it has plunged 14% over the past week. The downward movement continues as the token corrected another 5% in the last 24 hours.
Sui may additionally face difficulties from the global economy. While the Federal Reserve announced that it will halt any further interest rate hikes for now, it did mention that it may see another two hikes this year alone. Such an aggressive stance can result in an extreme downtrend for the token.
Could Wall Street Memes Be the Next Big Crypto Early Sale After Raising $7?
After its launch on May 26 of this year, the Wall Street Memes token has raised over $7 million in less than three weeks. With the token adding $350k every day to its total, it won’t be long before it hits the $10 million milestone.
The success of the token is not surprising, considering the incredible track record of the Wall Street Memes group. It received worldwide fame during GameStop’s historic shortfall in 2021 when a group of small internet merchants seized power from wealthy institutions and won.
Investors are also attracted to the token’s community-driven tokenomics. All of WSM’s supply is available to the community, with 50% available during the pre-sale itself. Also, 30% of the tokens are allocated to cool community rewards.
Analysis of the token highlights that investors may have to face more potholes in June. TradingView gives Sui a strong sell signal on the daily time frame, with the token underperforming by 7 out of 8 major moving average indicators.
The New Green Ecoterra Token Also Grows with More Than $5 Million in Presale
As investors become more and more environmentally conscious, there is a growing demand for green tokens. The newly launched Ecoterra token dominates this demand, having raised over $5.1 million in a short span of just a few weeks.
Projects like Ecoterra may end up playing a crucial role in changing the general perception of the industry in regard to the token’s energy consumption.
By Audy Castaneda
