In a landscape where many cryptocurrency assets are gradually recovering from recent losses, Sui Network, referred to as the ‘Solana killer’ or the ‘next Solana-like big mover,’ has surged nearly 18% in the past 24 hours, grabbing the attention of numerous crypto traders.
The notable ascent of SUI, currently ranking as the 28th largest token in the cryptocurrency sector by market capitalization, has piqued interest in the factors propelling its daily and weekly gains, making it the second top performer in terms of price increases over the week.
SUI has notably jumped by a substantial 17.88% today, adding to its 27.23% surge over the past seven days, and accruing a 5.39% increase over the last month, pushing its value to $1.04, based on the latest data as of September 12.
The surge could potentially be attributed to the announcement by digital assets manager Grayscale that it has made its newly launched crypto investment trust for SUI, known as Sui Trust, available to accredited investors. This move enables qualified investors to gain exposure to crypto assets via SUI.
Moreover, a slew of significant updates within the Sui ecosystem, such as the impending launch of SuiPlay—a Web3-native handheld gaming device scheduled for release in the first half of 2025—positions SUI as a key player in the Web3 gaming industry.
The recent Mysticeti upgrade has further enhanced its blockchain performance, reducing transaction times and enhancing scalability. These developments strengthen Sui’s position as a formidable competitor to platforms like Solana, potentially justifying its ‘Solana killer’ label.
Looking ahead, the continued growth of the Sui ecosystem in the crypto sector could potentially drive further appreciation in its token price. However, the unpredictable nature of crypto market trends makes definitive Sui crypto price predictions challenging.
Therefore, conducting thorough due diligence, staying abreast of Sui crypto news, and carefully evaluating all associated risks are essential steps when considering significant investments in this token, as with any other asset.