Contrary to what may have been expected, the cryptocurrency market has experienced rapid growth in the value of Suite Token (SUITE) an obscure token. As we saw earlier, SUITE has by today seen an incredible upswing, yearning to $0.1687 per token which translates to an unprecedented increase of 22.78% over the last 24 hours.
This spike has taken Suite Token to the 3716th rank in the global cryptocurrency market capitalization mainly at $1,687,121 today. Its exponential increase has garnered attention and concerns from the community; people are asking how this project is surging.
Another feature that draws attention to Suite Token is the fact that it has it’s own tokenomics. Being an ERC-20 token, total supply of 10 million SUITE is claimed to be in circulation and hence has a favourable and limited token distribution. This scarcity factor may have pushed up the token’s price in the recent past because scarcity is normally considered a recipe for future price appreciation.
The trading volume for SUITE has been up to $105,656 in the last 24 hours making it rank 2498 based on daily trading volume. Compact as this figure may sound compared to larger cryptocurrencies, this means a ramp up in interest and market depth for a project of this size for Suite Token.
The Volume to total market capitalization ratio stands at 6.26% which is good enough for the trading activities in relation to the project size. It is mostly applied by analysts to identify the level of liquidity and the interest exhibited by traders on a specific cryptocurrency.
Alas, the deeper investors and crypto enthusiasts go into analyzing the Suite Token project – the more it becomes apparent that this project envisions building a “mega virtual city of opportunity and entertainment”. This idea fits well into the present-day trend in the cryptocurrency market of metaverse and virtual world initiatives, which have been relatively popular in the past several years.
The concept of having a city where users can socialize with one another and where all activities involving buying and selling, watching movies and playing games digital can all take place in the digital city has been interesting to many in the crypto world. Built from the ground up to replace existing outdated business models, this concept itself seems to be well received by investors searching for brand new projects in the ever growing DeFi and crypto industries.
Still, like any other cryptocurrencies investments, especially those from up and coming companies, experts also advise would be investors to do their homework. The cryptocurrency market is highly unpredictable, and although the performance of Suite Token has been amazing in the recent past, investors should not base their decision of investing in this token on the performance alone, they must consider other factors such as the Company’s background, the people behind the project, and its future.
The success of Suite Token also points that altcoins and inexpensive tokens, but with their proper positioning and benefits to the audience, can be successfully promoted. Despite the boon in trading, traditional cryptocurrencies such as Bitcoin and Ethereum are no longer the sole focus of investors seeking out the next innovative platform, project that can revolutionize an industry or even invent a whole market.
Other features that have gained the attention of collectors and enthusiasts of digital real estate and the Suite Token project include the idea of having limited islands within the overall project. Recently, virtual land and digital collectibles are the trending products among the cryptocurrency market with some projects even achieving inflated prices for the pieces of virtual territories.
Now that shortly the Suite Token will be in greater demand, the focus is on the further plans of the company and possible collaborations. In the metaverse projects, issues of interest attract user engagement and find a dedicated audience which ultimately determines the success of a given metaverse project. Therefore, if it is capable of fulfilling what it has promised to bring to its users a thriving city in cyberspace then Suite Token stands a good chance of fitting into the very competitive category of cryptos.
To overcome the next obstacle the use of /3/ appears to be the most efficient, As the project’s team it feels the pressure of having to constantly move forward and to deliver results that would answer the recently experienced steep price rise. The crypto community also understands that with many projects, the next step is to maintain the growth and continued engagement of its users.
Thus, the experience of Suite Token discussed in this paper speaks about the volatility of the cryptocurrency market as well as being a great background for further developments. It will also be exciting to note the ways the project will need to adapt to further challenges and benefit from the future in the sphere of digital assets and virtual realities.
