12 Apr, 2025
Shark Tank Judge Says This Is ‘The Hottest’ Cryptocurrency in April
Altcoin News, Bitcoin News, Crypto Analytics, Crypto Industries & Currency Updates

In a podcast snippet highlighted by the Altcoin Daily in an Apr. 4 post on X, O’Leary said:

“I think the hottest ticket right now is Sui. It’s Mysten. That’s a hot new project.”

O’Leary laid out the case for investing in SUI this April along the lines of its high-performance transaction speeds and use cases in finance and gaming.

Ethereum is a bandwidth hog, so the Shark Tank judge says he’s also betting on SUI to win the DeFi horse race. Here are five factors backing O’Leary’s bet.

1. SUI Price Chart Traces Bullish Reversal Pattern

At $2.12 in April, SUI’s price was down over 60% from its record high at the beginning of January. But it still notches a solid gain for investors who bought it for $1.40 as it debuted to crypto exchanges in May 2023.

Popular crypto market analyst CryptoBullet wrote in an Apr. 7 update on X that they noticed a bullish technical indicator for SUI.

Its price formed a chart pattern that preceded an aggressive multi-month rally for NEAR token, another layer-1 blockchain currency.

“No way I’m selling my $SUI here,” CryptoBullet concluded.

“I still believe we can see a double digit $SUI this year.” On the macro tailwind side, they added, “We’ll have a good mid term bounce this year no matter what. Sui will shine during that period.”

Meanwhile, Dutch crypto asset manager Michaël van de Poppe wrote on Apr. 9: “Once the markets start to reverse, I assume that SUI will be one of the strongest assets to jump back.”

“Investors tend to move back to the asset that used to do well prior to anything macroeconomic related as these assets yield the highest confidence,” van de Poppe added.

2. Mysten Labs Leadership Team

Elaborating on his SUI tip, O’Leary commended the founder and team behind the May 2023 Web3 project with a currency ranked #18 out of all cryptocurrencies by market capitalization this April:

“This is a guy that came out of Facebook. All he’s focused on is speed… This guy has sped the whole thing up… You want to do a million transactions a minute? You gotta use this. So that’s a bet I’m making.”

He’s not the only one with faith in the team developing Sui. Even with its price taking a rough tumble along with other cryptos in Q1, the positive bias in SUI’s social sentiment hit a new high.

Mysten Labs, the venture-backed company behind SUI, is led by former Facebook engineer Evan Cheng. Mysten’s CTO, CPO, Chief Scientist, and Chief Cryptographer are also former Meta employees.

3. SUI Clocked in 3,700% Faster Than Ethereum

Sui’s network speed is no joke. A CoinGecko speed check found the Layer-1 blockchain was among Web3’s fastest, clocking transactions per second behind none other than Solana. While Ethereum clocked 22.70 transactions in a second, the Sui Network did 854.05. Only Solana’s was higher at 1,053.65.

Mysten co-founder Adeniyi Abiodun says the focus on speed is part of a competitive strategy to develop Sui into a “coordination layer” for the entire Internet.

In an interview at Token 2049 in Hong Kong, Abiodun said:

“Sui isn’t just a blockchain, Sui is a global coordination layer for the internet. So our target addressable market is way bigger than Solana, Taun, and all these other platforms.”

4. Blockchain-Powered MMO Gaming

O’Leary said Sui is “going to own gaming” because of its speed:

“You know gaming latency is your killer. If you want to start passing tokens around in the middle of gameplay, you gotta be fast. Ethereum’s too slow. Sui can do it.”

Speeds on Sui are fast enough for the mobile gaming platform Gamisodes to introduce Sui blockchain-powered mobile gaming in Q4 last year and lock in player rewards to the network.

Multiple other blockchain-powered game titles have also launched on Sui. In an interview for an issue of Blockchain Gamer, Abiodun said:

“Gamers will help drive not only mass usage of chains in the form of active wallets, transactions, and asset value creation, but they will also lead the charge of DeFi onboarding for web3 newcomers.”

The network’s gaming business is such a big part of its competitive strategy that Mysten Labs has developed the first blockchain handheld gaming console, the SuiPlay0X1. Pre-orders started last September.

5. Canary Capital Files For Sui ETF on Apr. 8

Meanwhile, Nashville-based Web3 hedge fund Canary Capital filed with the US Securities and Exchange Commission on Apr. 8 to issue an Sui ETF on Wall Street. That would make the currency available for institutional investors to trade in a regulated financial product.

CoinMarketCap reported:

“The ETF would be the first to track SUI, and it might also involve staking portions of its holdings through trusted providers, with the ETF possibly earning staking rewards.”

As Bitcoin got its spot ETF, crypto exchange markets went wild with approval.

Reiterating comments he made last month in an interview about Bitcoin, O’Leary said he thinks blockchain is about to become essential to the economy: “It’s going to be the 12th sector of the economy in five years.”

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