In the cryptocurrency realm, as assets are slowly making a recovery from recent setbacks, Sui Network (SUI), dubbed as the ‘Solana (SOL) killer’ or the ‘next big mover akin to Solana,’ has surged nearly 18% in the past 24 hours, drawing the interest of numerous crypto traders.
The remarkable ascent of SUI, currently the 28th largest token in the crypto industry by market cap, has piqued curiosity about what factors propelled it to outshine other digital assets in daily gains, securing its position as the second top mover in terms of weekly price surges.
SUI has notably surged by a significant 17.88% today, contributing to its 27.23% increase over the past seven days and amassing a growth of 5.39% over the last month, hitting a price of $1.04 as per the latest data retrieved on September 12.
The surge in SUI’s price today may be attributed to the announcement by asset manager Grayscale opening its new crypto investment trust, Sui Trust, to accredited investors, granting them exposure to crypto assets.
Furthermore, substantial updates within the Sui ecosystem, such as the upcoming launch of SuiPlay—a Web3-native handheld gaming device set to debut in the first half of 2025—have positioned Sui as a notable player in the Web3 gaming arena.
Moreover, the recent Mysticeti upgrade has augmented its blockchain performance, reducing transaction durations, enhancing scalability, solidifying Sui’s position as a formidable competitor to Solana, possibly justifying its ‘Solana killer’ label.
The ascent of the Sui ecosystem in the crypto sector might persist, driving up the token’s price as it progresses. However, the unpredictable nature of crypto market trends makes precise Sui crypto price predictions arduous.
Therefore, conducting thorough due diligence, staying abreast of Sui crypto updates, and carefully evaluating associated risks are crucial steps when considering investing substantial amounts in this token or any other asset.
Please note that the content presented here does not constitute investment advice, and investing always carries inherent risks.