SUI Token Rallies: Surging Over 1,300% Since 2023 Low
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Sui’s native token, SUI, has experienced a remarkable rally, soaring over 1,312% from its lowest price level in 2023. This meteoric rise has propelled the token’s market capitalization to $15.98 billion, making SUI the 12th largest cryptocurrency, ahead of competitors like TON and Chainlink. Key Drivers Behind SUI’s Surge The surge in SUI’s price in 2025 aligns with several significant developments within the network. On January 1, 2025, the Sui blockchain unlocked 82 million SUI tokens—0.82% of the total supply. This strategic release has spurred high demand for the token, hence contributing to its recent growth. Source: SuiNetwork via X In addition, the total value locked of the Sui network has also crossed $2 billion, which underlines that investors are gaining more confidence in the DeFi ecosystem of the chain. So far, this growth is supported by large-scale DeFi protocols such as Suilend Protocol, NAVI Protocol, Cetus, Scallop Lend, and Aftermath Finance. Record Trading Volume and Open Interest SUI’s trading momentum has been unprecedented. The token recently reached a trading price of $5.31, with a 24-hour trading volume peaking at $2.6 billion. Open interest in SUI futures has also surged by 37%, reaching a record high of $1.22 billion, underscoring growing investor interest. Sui (SUI) price chart. Source: Brave New Coin This bullish trend has further cemented SUI’s position in the market, with analysts projecting continued upward momentum and predicting higher prices. A breakout above key resistance levels, such as $5.50, could drive the price to new highs, potentially nearing $10 in the coming months. Strategic Partnerships and Ecosystem Growth Sui’s ecosystem has expanded through strategic collaborations and technological advancements. The network has partnered with major firms, including VanEck, Grayscale, and Franklin Templeton. Grayscale’s Sui Trust, now holding over $14 million in assets, is a testament to growing institutional interest.…
Filed under: News - @ January 6, 2025 7:22 pm