SUI, a token backed by Mysten Labs, curated a tidal wave of speculations across the broader crypto market on Monday as the token’s on-chain data showcased a monumental achievement, surpassing Bitcoin in TVL. As per on-chain insights unveiled by a DeFi protocol tracking platform, Sui now ranks 13th among all the chains globally. This appears to have sparked immense market optimism for the decentralized blockchain’s native token, also mirrored by its price jump today.

Meanwhile, Bitcoin’s TVL post-approval appears to be on a gradual decline, coinciding with the recent dramatic drop in its price. In addition, the token’s TVL also notes a marginal fall, aligning with the token’s market plunge.

SUI TVL Surpasses Bitcoin Post ETF Approval

As per on-chain data unveiled by DefiLlama, the Sui token eclipsed Bitcoin’s TVL yesterday, January 14. Moreover, following Sui’s upward momentum in the market yesterday, today’s charts appear to be portraying a profoundly greater uptick.

Notably, as per the data revealed by DeFiLlama, the token sprinted past the $300 million mark just 48 hours after crossing $250 million, reflecting the platform’s monumental achievements in recent times. According to a series of social media posts on Sui’s handle, an upcoming integration of Solend protocol on Suilend is further jacking up this momentum. Furthermore, the token’s TVL as of today equaled a staggering $334.94 million, nabbing noteworthy attention globally.

However, Bitcoin’s TVL corresponded to $292.2 million today, whereas yesterday it stood at $295.63 million. Intriguingly, this downfall contrasts with market sentiments building up post-ETF approval. Nonetheless, its TVL, aligning with the token’s price downfall post-approval further aids the Sui token’s positioning on the TVL list, illustrating a massive difference between their ranks. The total value of digital assets locked or staked on Sui’s blockchain remains more than that of Bitcoin, showcasing noticeably more confidence and trust for the SUI token among crypto market traders. Coinciding with this, SUI seems to have propelled towards a price rally, as illuminated by the token’s price charts today.

Also Read: OpenSea Working on 2.0 Platform Upgrade Tracking Solana NFTs and Ordinals

Sui Price Rallies

As of writing, the Sui price showcased a phenomenal surge of 11.38% over the past 24 hours and is currently trading at $1.40. Moreover, its price over the past week jotted down an 82.16% upswing, sparking immense curiosity among crypto market traders and investors.

Also Read: Celestia Network’s TIA Price Up 50% In A Week, What’s Behind the Rally?

The post Sui Price Skyrockets As TVL Triumphs Over Bitcoin appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am