In the past 24 hours, the total market value of cryptocurrencies fell slightly by 0.3% to $2.2 trillion. Bitcoin continued to fluctuate around US$60,000, down 0.2% within 24 hours; Ethereum was temporarily trading at US$2,633, down 1.3% within 24 hours.
$SUI rises over 35% in a single week
While the overall market is relatively stable, the Move-based public chain Sui ($SUI) continues to rise, soaring by more than 8% today, reaching a maximum of $0.89.
It fell slightly before the deadline, temporarily trading at $0.8764, up 3.7% in 24 hours and 35.6% in the past 7 days, becoming the most eye-catching currency among the top 50 cryptocurrencies by market capitalization.
Reasons for Sui’s strong performance
The reason for Sui’s recent strong performance may be related to the following points:
- New demand : Grayscale launched the Sui Trust Fund on the 7th, opening investment to qualified investors. The fund currently has nearly $430,000 worth of $SUI under management, and the fund price rose 12.78% in a single day.
- Technology upgrade : The Sui Foundation announced on the 8th that its new consensus algorithm Mysticeti will begin to be gradually launched on the mainnet. This is expected to reduce the latency of the Sui network and increase its throughput, making it faster, claiming to help developers create user experience services that are not possible on other blockchains.
In addition, Sui continues to participate in multiple activities (Singapore Builder House, Japan WebX 2024, Korea Blockchain Week) and its ecological projects have made significant progress (Sui ecological domain name service SuiNS was reorganized into a decentralized protocol and announced tokens Economic model, etc.), these developments have driven its community popularity to continue to rise recently, and it is now the most popular token on CoinGecko.
Whether this popularity can be maintained in the future can be observed by changes in the open interest volume of SUI and whether the official releases further good news. In addition, you can also consider deploying other tokens in the SUI ecosystem, such as $SCA, $CETUS, etc.
