As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I’ve seen my fair share of ups and downs, bull markets, and bear markets. However, the current rally of SUI is truly remarkable, even for someone as jaded as myself.
The main native cryptocurrency of the Sui blockchain, known as SUI, is experiencing a strong surge in value. Despite a lackluster performance from many other altcoins yesterday, SUI came close to reaching its all-time high, falling just 20% short. This impressive rise can be largely attributed to growing interest in SUI-based trusts by Grayscale and a favorable analysis report from industry analysts.
SUI price up by 50% in just one week, Grayscale to blame
In just three weeks, SUI, a mid-sized cryptocurrency associated with its own network, boosted its market value by an impressive 132%. Over the last week alone, it has stood out as one of the top gainers in the top 100 cryptos, experiencing a growth of approximately 50%.
Moreover, this 25th largest altcoin by market capitalization has witnessed an extraordinary surge in trading activity. In fact, over the past 24 hours, a staggering $1.1 billion worth of SUI positions were traded, making it the ninth most sought-after cryptocurrency among traders.
It’s probable that the remarkable surge in this rally is largely due to the introduction of the SUI-based trust by Grayscale, a well-known asset management firm based in the United States.
From September 2024 onwards, accredited investors could gain access to the price fluctuations of SUI without needing to own the asset physically.
The price of SUI Trust shares on the OTC market also doubled this month, data says.
Sui (SUI) still can challenge Solana (SOL), K33 Research shows
This announcement aligns with an exceptionally optimistic analysis from K33 Research, a well-respected analytics company in the Web3 sector.
September 19 saw researchers release an assertion that Scalable Universal Interoperability (SUI) poses the greatest threat to Solana (SOL), a widely-used Level 1 blockchain featuring smart contracts.
Through the use of parallel processing and cutting-edge technologies, SUI (SUI) was able to surpass its competitors in terms of transactions per second (TPS).
Nevertheless, the token distribution, which keeps 73% of the SUI supply locked, could potentially hinder the asset from overtaking the leading players.
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2024-09-25 19:01