With various assets in the cryptocurrency market gradually bouncing back from recent declines, Sui Network (SUI), known as the ‘Solana (SOL) killer’ or the ‘next big mover akin to Solana,’ has surged by nearly 18% in the past 24 hours, seizing the interest of numerous crypto traders.
The remarkable ascent of this token, currently ranked 28th largest in the cryptocurrency sector by market capitalization, has aroused curiosity regarding the factors propelling it to outperform other digital assets in daily gains and become the second top performer in terms of weekly price increments.
SUI has notably surged by a substantial 17.88% today, adding to its 27.23% increase over the past week and a cumulative rise of 5.39% over the last month, reaching $1.04 as of the most recent data recorded on September 12.
Why Has Sui Crypto Price Soared Today?
One potential reason behind the surge could be the announcement by digital asset manager Grayscale of opening its newly launched crypto investment trust, Sui Trust, for SUI to accredited investors, offering qualified investors exposure to crypto assets.
Additionally, other factors contributing to this rise could include significant developments in the Sui ecosystem, like the forthcoming introduction of SuiPlay, a Web3-native handheld gaming gadget slated to launch in the first half of 2025, positioning Sui as a significant player in the Web3 gaming domain.
Moreover, the recent Mysticeti upgrade has enhanced its blockchain efficiency, reduced transaction durations, and improved scalability, solidifying Sui as a formidable competitor to the likes of Solana and potentially justifying its ‘Solana killer’ label.
Overall, the upward trajectory of the Sui ecosystem in the crypto sector might persist, propelling the token’s price as it evolves further. However, crypto market trends can evolve unexpectedly, making definitive Sui crypto price forecasts challenging.
Thus, conducting thorough due diligence, staying abreast of Sui crypto news, and carefully evaluating all associated risks are crucial when investing substantial amounts in this token or any other asset.
Disclaimer: The information presented here should not be construed as investment advice. Investment involves speculation, and your invested capital is at risk.
The original post Here’s why ‘Solana killer’ skyrocketed 18% today was published on the site Finbold.