With the world of cryptocurrency ever changing, a new player has come on the scene that investors and enthusiasts are gazing at. With recent performance and a point of differentiation in the digital asset space, Suite Token trading under the ticker SUITE has been making a buzz.
The value of SUITE has been in an uptrend in the last 24 hours as it increased by 7.28%. The token has seen impressive growth to a price of $0.1474 by token holders and market confidence. At the time of writing, the token’s market capitalization is $1.41M and it now resides at rank 3853 in the global cryptocurrency rankings.
24 hour trading volume of $73,506.01 has been happening with SUITE. Rating far better than 2709th out of all cryptocurrencies in liquidity and investor engagement, this level of trading volume shows we are on a very good track. A key indicator of trading activity versus token size is the volume to market cap, which comes in at 5.08%, a balanced level indicating traders and investors that are keenly interested.
Tokenomics is also one of the most intriguing parts of SUITE. Yet, the circulating supply of SUITE tokens is self reported and, not so ironically, is exactly 10 million tokens, which is also exactly equal to the total supply and maximum supply. This alignment is relatively rare in the cryptocurrency world, with potential market ramifications for the token’s long term value proposition and price appreciation.
A high level of transparency and distribution of tokens evenly among token holders can be seen in the fact that the total supply is 100% in circulation. Uniquely, this is different than most cryptocurrencies that tend to reserve or lock tokens for future development or team allocations. While this provides for full circulation of this token (unless you count the coins that will be burned next month) this is a positive factor for some of the investors and looking for immediate accessibility, however with no inherent scarcity mechanism (built into gradual release of tokens).
As of its current price and total supply, SUITE’s fully diluted market cap of $1.47 million. This is a market capitalization figure based on the theoretical amount of market capitalization possible if all of the tokens traded at the current price, which is the same as the current market cap for SUITE, where it’s a completely circulatable token.
While SUITE appeals to many potential buyers like any other cryptocurrency investment, they should do research and approach SUITE with caution. Last, but certainly not least, you can find that the cryptocurrency market is known for its volatility and that SUITE’s performance has recently been positive, however past performance does not guarantee future results. In investing, itís important for investors to know the fundamentals of the project, use cases, team behind development and its long term vision before investing.
This is one more sign of the unprecedented dynamic in the cryptocurrency world. These new projects can latch on quickly to develop new products with innovative technology, within a strong community, or with a novel proposition. Suite is tokens like SUITE that help the crypto market be more diverse and evolve.
The future of SUITE will also depend on whether the token is able to keep and increase its user base, produce real world applications for the same and figure out the confusing regulatory environment surrounding cryptocurrencies. The success of the project will depend largely on its ability to forge partnerships, integrate to existing financial systems, and offer real world utility.
With the cryptocurrency market growing, reaching the mainstream and SUITE tokens being integral to the boundaries of possibility within the digital finance space, SUITE tokens are an essential part of it. It is early days yet but SUITE’s potential as a potential major player in the world of crypto is somehow undeniable, and so is the worrying fact that the project is a pretty niche token which has never really made significant news outside of the crypto blogosphere.
Finally, Suite Token has been a very interesting development in the area of cryptocurrency. The crypto community has been paying attention to its recent price surge along with its distinctive supply mechanisms. However, as the digital currency landscape grows ever bigger, SUITE represents a unity in the innovation and diversity that has defined this exciting and ever changing market. As this token is something that investors and enthusiasts alike will be keen to see develop and maintain its momentum in the competitive world of cryptocurrencies, it’s going to be important to watch as this one unfolds.
