- On Friday, SUKU price rebuffed the wider crypto market crash to register a 129% jump.
- The rally comes amidst a crypto market crash that wiped over $190 billion in the last 24 hours.
NEW DELHI (CoinChapter.com) — SUKU has had a very different day than its rivals across the crypto market.
The supply chain token opened Friday — UTC-wise — at $0.44. However, as trading progressed, its price jumped by more than 129% to reach an intraday high of $0.957 before paring due to profit-taking. The SUKU token’s two-month-long downtrend had pushed prices down to levels last seen in late Aug.
The crypto market is down by nearly 14%, falling from Jan 20’s high of $2.036 trillion to a low of $1.754 trillion on Jan 21. Bitcoin, the largest cryptocurrency by market cap, is down 8.77% on Friday, moving below the $38,000 price level for the first time since Aug 4, before consolidating above $38,000 later in the day.
Ethereum, the prime altcoin, fell below $3,000, a key psychological price level and one last seen around late Sept. Other cryptos charted similar price action, with Solana down 14% in the last 24 hours.
The sudden sell-off likely follows the global stock market crash, as investors prepare for the reality of a more hawkish Federal Reserve and higher interest rates. In addition, the Fed is likely to wind down its pandemic-era stimulus, further spooking investors.
The record-breaking US inflation rates have forced the central bank’s arm, forcing it to act sooner and more severely than the market had earlier anticipated.
At the time of writing, SUKU was trading at $0.826, up 89.33% on the day.