In the past week, the Move blockchain token Sui ($SUI) has been the standout performer among the top 50 cryptocurrencies by market capitalization, with a surge of over 35%. This impressive rise may be attributed to new demand and technological upgrades. Now, how can we position ourselves?
(Previous summary: Developer of the Web3 shooting game Xociety raises $7.5 million in funding, led by Hashed and the Sui Foundation.)
(Background: Ethereum remains strong at $3,800, with potential volatility this week: OP, SUI, DYDX… unlocking $380 million in tokens, US April PCE release.)
In the past 24 hours, the total market capitalization of cryptocurrencies has slightly declined by 0.3% to $2.2 trillion. Bitcoin continues to fluctuate around $60,000, with a minor drop of 0.2% in the past 24 hours. Ether, on the other hand, is currently trading at $2,633, experiencing a 1.3% decline in the past 24 hours.
$SUI Soars Over 35% in One Week
While the overall market remains relatively stable, the Move blockchain token Sui ($SUI) continues to rise. Today, it surged over 8% and reached a high of $0.89. It has slightly retreated to $0.8764 at the time of writing, marking a 3.7% increase in the past 24 hours and a remarkable 35.6% increase in the past 7 days. This makes it the most outstanding cryptocurrency among the top 50 by market capitalization.
Reasons for Sui’s Strong Performance
The strong performance of Sui may be attributed to the following factors:
New Demand: Grayscale launched the Sui Trust Fund for qualified investors, which has already managed nearly $430,000 worth of $SUI. The fund’s price surged by 12.78% in a single day.
Technological Upgrades: The Sui Foundation announced on the 8th that its new consensus algorithm, Mysticeti, will gradually be rolled out on the mainnet. This is expected to reduce network latency and increase throughput, making it faster and enabling developers to create user experience services that are not possible on other blockchains.
In addition, Sui has actively participated in various events (Singapore Builder House, Japan WebX 2024, Korea Blockchain Week) and made significant progress in its ecosystem projects (SuiNS, the Sui domain name service, has been restructured into a decentralized protocol and its token economic model has been announced). These developments have fueled the continuous growth of its community engagement, making it the most popular token on CoinGecko.
To determine whether this momentum can be sustained, it is worth monitoring changes in the open interest of SUI futures contracts and whether the official team releases further positive news. Additionally, considering other tokens within the SUI ecosystem such as $SCA and $CETUS could also be a strategic move.
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