As an analyst with a decade of experience in the ever-evolving crypto market, I find myself thoroughly impressed by the meteoric rise of Sui Network (SUI) within the DeFi ecosystem. The rapid growth in Total Value Locked (TVL), surpassing $900 million and securing the 8th spot among all blockchain networks, is a testament to the increasing adoption of this promising protocol.
The Sui Network’s Layer 1 blockchain is seeing heightened interest within the Decentralized Finance (DeFi) sector. This surge is apparent in the growth of its Total Value Locked (TVL), which has reached over $900 million, placing it among the top 8 blockchain networks by this metric. This data suggests an uptick in network activity, indicating a growing acceptance of Sui.
SUI Price Sees Steady Recovery
Over the past year, the SUI Network has experienced a staggering growth of approximately 3,285%. This impressive surge in size is indicative of a growing curiosity and utilization of the Decentralized Applications (DApps) built on this protocol. Notably, the SUI Network surpassed $600 million Total Value Locked (TVL) milestone mere three weeks ago.
The recent focus and achievements have significantly boosted SUI’s market worth. Currently, the SUI token is trading at $1.61, marking an increase of over 11% within the past 24 hours. As per CoinMarketCap data, the value of the SUI coin has surged by a whopping 46.76% over the last week, indicating a notable growth in market capitalization. The token’s 24-hour volatility stands at 6.2%, and it currently boasts a market cap of $4.16 billion with a trading volume of $1.10 billion within the same period.
It’s important to mention that back in early March, the coin reached a peak price of $2.08. This was around the same time Bitcoin (BTC) set a new record high of over $73,800. Unfortunately, by the end of three months, SUI had dropped significantly and was trading below $0.50 amidst a larger market downturn.
Displaying significant bounce-back, the digital asset known as SUI has been steadily regaining strength since June. It’s expected to reach a new all-time high (ATH) soon at this pace. Moreover, its fundamental indicators are also promising. As of now, SUI holds a market capitalization of $4.31 billion, placing it 21st among cryptocurrencies. In the past 24 hours alone, its trading volume has jumped by 131.77%, amounting to $918.18 million.
Sui Network Hits More Milestones
Beyond tracking just the Total Value Locked (TVL), I’ve noticed that several other factors have influenced the coin’s price dynamics. For instance, on September 12, a notable surge in Sui’s price can be attributed to a significant announcement made by Grayscale Investments.
The asset manager announced the launch of a private offering for the Grayscale Sui Trust, resembling direct Bitcoin or Ethereum exchange-traded funds. At that moment, the Grayscale Sui Trust managed approximately $892,213 in assets. The company anticipates that this trust will play a significant role in attracting institutional investors to the SUI system, thereby enhancing liquidity.
SUI Network has teamed up with the issuer of USDC stablecoin, Circle, to boost liquidity. Under this partnership, Sui will incorporate native USDC and Cross-Chain Transfer Protocol (CCTP). This incorporation enables multiple digital dollar-backed applications in the fields of DeFi, gaming, and e-commerce. Here’s a quick snapshot of the USDC details:
As a researcher studying the blockchain landscape, I’ve observed that Sui has garnered significant attention due to its positioning as an advanced technology compared to its competitors, often referred to as the ‘Solana-killer.’ In the coming period, this protocol is poised to surpass a TVL (Total Value Locked) of $1 billion, a notable milestone in the blockchain world.
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2024-09-23 11:40