With the cryptocurrency market showing signs of recovery, the Sui Network, also known as the ‘next Solana-like big mover,’ has surged by nearly 18% in the past 24 hours, drawing the attention of numerous crypto traders.
This impressive growth has propelled SUI to become the 28th largest token by market capitalization in the crypto space, outperforming other digital assets in daily gains and ranking as the second top mover in terms of weekly price hikes.
SUI has recorded a remarkable 17.88% surge today and a 27.23% increase over the past seven days, with an overall rise of 5.39% in the last month, reaching a price of $1.04 as of September 12, based on the latest data available.
Reasons Behind Sui Crypto Price Surge Today
One contributing factor to this surge could be the announcement by Grayscale, a digital assets manager, that it has opened its new crypto investment trust for SUI, known as Sui Trust, to accredited investors, allowing them access to various crypto assets.
Additionally, notable enhancements within the Sui ecosystem, particularly the impending launch of SuiPlay – a Web3-native handheld gaming device projected for the first half of 2025, have intrigued investors, positioning Sui as a key player in the Web3 gaming industry.
Moreover, the recent Mysticeti upgrade has significantly improved Sui’s blockchain performance, reduced transaction times, and enhanced scalability, solidifying its position as a strong competitor to the likes of Solana and validating its ‘Solana killer’ moniker.
While the future of the Sui ecosystem in the crypto market appears promising, predicting its price trajectory is challenging due to the volatile nature of crypto trends. Thus, conducting thorough research, staying informed on Sui crypto news, and carefully assessing risks before investing sizeable amounts in this token are crucial, as with any investment.
Disclaimer: The information provided here should not be construed as financial advice. Investment always carries inherent risks, and capital is at risk when investing.
The article Insight into the 18% Surge of the ‘Solana Killer’ was originally published on Finbold.