- Sui Network has announced plans to integrate blockchain technology with artificial intelligence (AI) to enhance security and efficiency in its upcoming projects.
- Despite recent accusations of insider token sales, the Sui Foundation has strongly denied any violations, maintaining that no early sales occurred during SUI’s recent price surge.
In its latest announcement, Sui Network stated that it will combine its blockchain technology with emerging artificial intelligence (AI) technology in order to improve security and efficiency for its upcoming projects.
In a post on the X platform, Kostas Chalkias, the Mysten Labs co-founder stated that the Layer-1 blockchain protocol wants to integrate AI and blockchain technology to enhance AI-related services.
Blockchain innovation is just the beginning – what if we told you that Sui is also building for the future, where blockchain and AI work together to increase efficiency and security? https://t.co/fo9LAp9HQz
— Sui (@SuiNetwork) October 17, 2024
In the State of Crypto 2024 report, VC giant Andreessen Horowitz (a16z) highlighted the benefits of integrating blockchain and artificial intelligence (AI) while noting that the number of crypto projects offering AI services and functionalities has surged from 27% in 2023 to 34% in 2024.
Furthermore, a16z also cited Near Protocol (NEAR) as an example of a project that successfully addresses “content verification and intellectual property” issue within the AI sector.
Through overcoming the challenges of the AI sector, the blockchain sector has attracted more innovators and developers. Blockchain technology provides transparency, helping to resolve verification challenges in the AI sector.
Last week, the Sui Foundation faced accusations of $400 million in insider selling of the SUI tokens. However, the SUI Foundation has strongly refuted the accusations made by the on-chain sleuth on X. In its defense, the Foundation emphasized that neither insiders, including its staff, Mysten Labs employees, nor Mysten Labs investors, had sold $400 million worth of tokens during SUI’s recent price surge. They assured the public that no early token sales occurred while adhering to all lockup periods and circulating supply rules, per the CNF report.
SUI Price Rally In the Making?
Over the past year, the SUI price has surged by nearly 500% making it one of the top performers in the market and putting it among the top-twenty digital assets with a market cap of $5.69 billion. As of press time, SUI is trading at $2.06, marking a 0.70% drop in the past 24 hours. The digital asset has a market capitalization of $5.80 billion, ranking it 18th by valuation. Over the past week, SUI price has been trading almost flat but surged 53.092% over the last 30 days.
SUI is currently trading near its all-time high (ATH) of $2.16, with the potential for investors to witness a new ATH. This possibility is supported by the altcoin’s Relative Strength Index (RSI), which stands at 61.78, reflecting strong buying pressure.
Other altcoins in the market are looking for a SUI-like rally ahead. For e.g. the technical setup in Aptos (APT) has witnessed significant gains with a 70% rally over the past month while facing a resistance at $10 levels. A breakout above $11 could set the stage for the next leg of the rally, reported CNF.