In the cryptocurrency market, many digital assets are starting to recover from recent losses. Sui Network (SUI), often dubbed the ‘Solana killer,’ has surged nearly 18% in the past 24 hours, attracting the attention of crypto traders. The token, ranked 28th in market capitalization, has outperformed other cryptocurrencies in daily and weekly gains.
SUI has seen a significant rise of 17.88% today, bringing its total increase over the last week to 27.23%. With a month-over-month gain of 5.39%, the token now sits at $1.04 as of the latest data retrieved on September 12.
Grayscale’s announcement of opening Sui Trust, a crypto investment trust for SUI, to accredited investors, could be a contributing factor to SUI’s price surge. Additionally, developments within the Sui ecosystem, such as the upcoming launch of SuiPlay, a Web3-native gaming device in 2025, have further propelled SUI’s momentum.
Moreover, the Mysticeti upgrade has enhanced SUI’s blockchain performance, reducing transaction times and improving scalability, positioning Sui as a formidable competitor to Solana. The potential long-term growth of the Sui ecosystem may continue to drive the token’s price upward, although the volatile nature of the crypto market necessitates careful research and risk assessment when investing in SUI or any other digital asset.