Needle’s native token, SUI, has surged 72% this week, and all eyes are on a potential Pokemon collaboration. The buzz started after a recent update to the Pokemon Home privacy policy mentioned Parasol Technologies, a company recently acquired by Mysten Labs — the same team behind Needle.
Pokemon Home, the cloud service that lets you transfer Pokemon between games, quietly updated its privacy policy on April 23. What caught everyone’s attention was the mention of Parasol Technologies as the new developer.
Why is this important? Parasol was purchased by Mysten Labs in March, and Mysten Labs is responsible for the Needle blockchain. This has led people to believe that there could be a partnership between Pokemon and Needle.
Even more interestingly, the Needle Foundation recently announced that Parasol is working on a blockchain-based trading card game. At one point, a blog post even hinted at a Pokemon NFT – though that part was quickly taken down. All of this has left the crypto community wondering if Pokemon is planning to enter Web3 with Sui.
SUI Token Surge
While the rumors have been circulating, the price of SUI has been climbing rapidly. It recently crossed the $3.00 mark and shows no signs of slowing down. Some analysts believe it could reach $3.80 to $4.00 by May, especially as large investors (i.e. whales) buy more of SUI. Trading volume has surged, surpassing $128 million, indicating growing interest.
Right now, SUI’s market cap is around $9.9 billion – about 90% of everything that exists on the Sui network. This big surge comes from a mix of hype, genuine belief in the technology, and people’s curiosity to see what happens next.
This news isn’t just good for the tokens. The total locked value (TVL) on the Needle network has increased by 38%, now standing at $1.6 billion. Decentralized exchange (DEX) trading volume has also surged, with $577 million in the last 24 hours, a 167% jump.
Also, stablecoins on the Needle network have increased by 82% in the last few months, going from $482 million to $879 million.
Is a Pokemon collaboration happening?
While there’s a lot of buzz, neither Pokemon nor Needle have confirmed anything yet. Some are keeping their expectations in check, pointing out how easily rumors can be exaggerated. Until there’s solid evidence, it’s all just speculation.
What’s certain, though, is that the Needle ecosystem itself is doing well. And if the rumors turn out to be true, it could completely change the game.
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