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Aussie Analysts Reveal What Drives Latest Memecoin Craze, SUI’s Big Play to Build Community
- Swyftx analysts identified key factors driving recent trends in the crypto market, focusing on some of the best-performing assets, the current outlook for geopolitical tensions, and how it could affect the crypto market.
- The conflict in the Middle East has negatively impacted the crypto market, leading to a 2.3% decline in overall market cap and significant drops in Bitcoin and Ethereum prices.
- SUI, the native currency of the Sui Network, saw a significant 10% price increase. Its token unlock contributed to this growth, as it released 64M tokens into circulation.
Swyftx’s analysts have dove into recent movements in the crypto market, revealing the factors driving the recent pump in the memecoin sector and other top-gainers this week.
In another episode of Tapping Into Crypto, Swyftx’s Lead Market analyst Pav Hundal and Content and SEO Lead Ted Coaldrake gave their insights about the current state of the market and some recent events that surely hurt a few portfolios out there.
Related: Bitcoin Tumbles Toward $60K Amid Growing Tensions in Middle East
Coaldrake started by saying: “all signs lead to a positive Q4.” However, the ongoing conflict in the Middle East caught the crypto market off-guard.
Data from CoinGecko shows the crypto market cap is down 2.3% to US$2.2T (AU$3.1T). Major coins like Bitcoin (BTC) and Ethereum (ETH) have also been impacted, dropping to US$60K (AU$87K) and US$2.36K (AU$3.43K), a decrease of 3.7% and 8.4% on the weekly timeframe.
Coaldrake added that crypto, like traditional financial markets, is subject to geopolitical conflicts, and while the uncertainty could lead investors to evaluate their portfolios or positions in the market, or maybe switch to risk-off assets, Q4 looks like a promising quarter for crypto.
The Top Gainers This Week
The analysts discussed SUI, the native currency from the layer-1 ecosystem Sui Network. The protocol recently unlocked around 64M SUI tokens into the market, or around 2.4% of the circulating supply. These tokens will be allocated to Series A and Series B investors, early contributors, Mysten Labs, Treasury, and community reserves.
Leading up to the October token unlock, SUI’s price has increased to US$1.95 (AU$2.84), a 10% gain from yesterday and 11.8% in the last seven days. September was particularly a good month for SUI, as the monthly chart shows an increase of 141.7%.
Hundal and Coaldrake also talked about the recent issues that the Telegram-based game Hamster Kombat (HSMTR) faced on the day of its airdrop.
The airdrop, which was initially planned for July of this year, was frequently delayed and had its rules changed every other day. Moreover, the project announced that participants would only receive 88% of their correspondent tokens, with the rest unlocked in July 2025… something that they didn’t quite appreciate.
Related: Game Tokens ‘Hamster Kombat’, ‘Catizen’ Drop by 50% Post Launch
No wonder why its token is down over 50%. Another popular tap-to-earn game, Catizen AI (CATI), also lost substantial value, over 40% of its price in just a few days, signalling a broader decline in Telegram-based mini-games.
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Author
José Oramas
José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
