Suku price prediction: What is SUKU?
14:43, 21 July 2022
The Suku platform aims to hold companies accountable and let them demonstrate their green credentials. In terms of cryptocurrency, what is SUKU?
Let’s investigate, and also examine Suku price predictions, too.
What is Suku? A sustainable supply chain
At a time when more and more people are concerned about the future of our planet, there are some worries that companies who are arguing that their products are environmentally sustainable and green may not be telling the exact entire truth. With the growth of blockchain technology, some are arguing that it is now possible to verify how sustainable a business’s supply chain actually is.
The Suku blockchain platform aims to do just that. The idea is that physical supply chains can be tracked digitally, which should, Suku says, allow them to become truly transparent.
Its whitepaper reads: “As you are walking through grocery stores, you see products labeled as ‘premium’, ‘organic’, or ‘eco-friendly’. How do you know that these claims are true and that these third parties are reliable? Can you validate and verify, step-by-step, the exact claims of your product? In most cases, businesses and consumers lack the ability to validate these claims due to a lack of transparency into the supply chain of the finished good. Additionally, manufacturers and brands have limited access to their suppliers' systems to show the journey of their product.
Suku tracks a business’s supply chain and can, it says, verify claims such as whether it is sustainable. Companies can then use a tool called Suku Omni, which is designed to turn this information into something that can be easily read. Suku has also created a metaverse, or virtual world, named InfiniteWorld, which can bring this information to life.
The system is powered by something called Suku DeFi, which is a decentralised finance (DeFi) program which encourages people involved in the supply chain to upload data to the system.
Every blockchain-based piece of technology needs to have its own cryptocurrency, and Suku is no exception. Suku’s native token is, conveniently, called Suku and goes by the SUKU ticker. This token has a few uses. It is used to pay people who upload their data into the Suku system, while it is also used to give holders access to crypto loans. SUKU can also be bought, sold and traded on exchanges.
SUKU is based on the Ethereum blockchain, which means that it is a token, rather than a coin. You may hear references to such things as a SUKU coin price prediction, but these things are not, strictly speaking, accurate.
Suku was founded in 2020 by the Californian-based entrepreneurs James Bower and Addison McKenzie, and is currently headed by the Uruguayan-born CEO Yonathan Lapchik, who previously worked as product lead at the financial giant’s Deloitte’s US blockchain lab.
Now let’s take a look at Suku’s price history. While looking for an indication of future results by exploring past performance would be a mistake, it can be useful to examine the past behaviour of a token when it comes to either interpreting an Alchemy Pay price prediction or making one of our own.
The SUKU price history
SUKU first came onto the open market in August 2020, it was worth about $0.43. As is often common with newly-launched cryptos, it was considered to be somewhat overvalued by investors and the price fell down to around $0.20 by September, at which point disaster struck. The KuCoin exchange, which was one of the main places where the token was available, was hacked and about $1.6m worth of SUKU stolen, with the theft causing a SUKU price collapse to an all-time low of $0.06359 on 3 October. There was some recovery after this, and things started to look up in 2021.
Early 2021 was a time when the crypto market went through a sustained bullish phase, with tokens and coins shooting up in price and SUKU followed suit, spending time in mid-March above $1, before dipping down and then spiking on 10 April 2021 to reach an all-time high of $1.58. The price then fell back down to below $1 pretty quickly, and things got worse over the summer, after the Great Crypto Day Crash of 19 May saw the market struggle in the aftermath. The token spent large portions of June and July under $0.20, before a recovery in August, prompted by a growing interest in non-fungible tokens (NFTs) saw it rise to an intraday-high of $0.8633 on 31 August.
October saw the news that SUKU was to be listed on the Coinbase exchange which led to it reaching $1.48. As Bitcoin (BTC) hit new heights, SUKU hit $1.56 on 4 November, before the market cooled, with concerns about the omicron variant of Covid-19 leaving the end-of-year price at $0.4732.
While there was a spike to $1.28 on 21 January, caused by the announcement that SUKU was to be listed on the Huobi Global exchange, it has mainly been a downhill journey. By the end of April, SUKU was worth $0.174 and things were about to get much, much worse.
The depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency saw SUKU decline to $0.06899 on 12 May. There was some recovery after that, with it closing the month at $0.1194 but the cancellation of withdrawals on the Celsius crypto lending platform confirmed that cryptocurrency was in a bear market and the SUKU price fell to $0.07196 on 18 June. There has been some recovery after that, but it has been relatively small, with only occasional forays above $0.10. At the time of writing on 21 July 2022, SUKU was worth about $0.0955.
There were, at the time, a little under 178.4 million SUKU in circulation out of a total supply of 1.5 billion. This gave the token a market capitalisation of around $17m, making it the 646th largest crypto by that metric.
The latest SUKU price predictions
Let’s take a look at Suku price predictions. We need to point out that price forecasts, especially when it comes to something as volatile as cryptocurrency, are very often wrong. We should also mention that many long-term crypto price predictions are often made using an algorithm, which means that they can change at a moment’s notice.
CoinsKid made a Suku price prediction for 2022 that suggested the token could close the year at $0.126 before potentially dropping to $0.1247 by July 2023. A year on from then, the site said, there was a chance that SUKU could reach $0.2688, while in July 2025, there was a forecast for it to reach an average of $0.4087. In 2026, the prediction was that Suku could reach $0.4138 in July before potentially trading at $0.4410 in October.
CoinArbitrageBot made a rather more bullish Suku crypto price prediction, which said that the token could rise to around $0.3057 at some point this year, before perhaps reaching $0.544 in 2023. The site argued that SUKU could get to $0.88 in 2024, while its Suku price prediction for 2025 saw it possibly getting to $1.42. How seriously you take this particular forecast will depend a lot on whether you believe that the token’s price can go up more than three times by the end of the year.
PricePrediction made a Suku token price prediction which argued that it could reach $0.11 in 2022, $0.17 in 2023 and $0.24 in 2024. By 2025, the site thought, the token could be worth $0.34, before it potentially traded at $0.49 in 2026. PricePrediction believed that in 2027, SUKU could, potentially, reach $0.70 before it might rise to $0.98 the following year and then possibly break through the dollar barrier to reach $1.37. The site then went on to make a Suku price prediction for 2030 which saw the token potentially trade at $1.96 before going up to $2.43 in 2031.
Finally, WalletInvestor was a little more downbeat when it came to making a Suku price forecast. The site said that the token could lose a fair amount of its contemporary value, potentially falling to $0.0295 by July 2023.
When considering a SUKU price prediction, it is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.
FAQs
How many Suku are there?
As of 21 July 2022, there were a little under 178.4 million SUKU in circulation out of a total supply of 1.5 billion.
Is Suku a good investment?
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether the SUKU token is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Will Suku go up?
Cryptocurrencies can be extremely volatile and prices can go down just as easily as they can go up. Analysts and algorithm-based forecasters can and do get their predictions wrong. Keep in mind that past performance is no guarantee of future returns. Always do your own research. And never invest what you cannot afford to lose.
Should I invest in Suku?
This is something that you will have to decide for yourself. Before you do so, you will need to do your own research. Remember prices can go down as well as up. Keep in mind that past performance is no guarantee of future returns. And never invest what you cannot afford to lose.
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