Within the past week, Move blockchain Sui ($SUI) has been the most remarkable token among the top 50 cryptocurrencies by market capitalization, with a surge of over 35%. The surge may be attributed to new demands and technological upgrades. Now, how can we further position ourselves?
(Prior Summary:
Developer of Web3 shooting game “Xociety” successfully raised $7.5 million in funding, led by Hashed and Sui Foundation.)
(Background:
Strong! Ethereum oscillates around $3,800, warning of volatility this week: OP, SUI, DYDX… 380 million MGN tokens unlocked, US April PCE released.)
In the past 24 hours, the total market capitalization of cryptocurrencies has slightly declined by 0.3% to $2.2 trillion. Bitcoin continues to fluctuate around $60,000, with a slight decrease of 0.2% in the past 24 hours. Ether, on the other hand, is currently trading at $2,633, experiencing a 1.3% decrease in the past 24 hours.
$SUI Surges Over 35% in a Week
While the overall market remains relatively stable, Move blockchain Sui ($SUI) continues to rise, reaching a peak of over 8% today and hitting a high of $0.89.
At the time of writing, it has slightly retraced and is currently trading at $0.8764, with a 3.7% increase in the past 24 hours and a 35.6% increase in the past 7 days. It has become one of the most outstanding cryptocurrencies among the top 50 by market capitalization.
Reasons for Sui’s Strong Performance
The strong performance of Sui can be attributed to the following factors:
New Demands:
Grayscale launched the Sui Trust Fund for qualified investors, allowing them to invest in Sui for a period of 7 days. The fund currently manages nearly $430,000 worth of $SUI, and its price increased by 12.78% in a single day.
Technological Upgrades:
On the 8th, the Sui Foundation announced the gradual launch of its new consensus algorithm, Mysticeti, on the mainnet. This is expected to reduce the latency of the Sui network and increase its throughput, making it faster and claiming to enable developers to create user experience services that are not achievable on other blockchains.
In addition, Sui has been actively participating in various events (Singapore Builder House, Japan WebX 2024, Korea Blockchain Week), and significant progress has been made in its ecosystem projects (Sui Naming Service restructured into a decentralized protocol and released tokenomics, etc.). These developments have contributed to the continuous increase in community engagement, making it the most popular token on CoinGecko.
To determine whether this momentum can be sustained, it is worth observing the changes in SUI open interest contracts and whether there will be further positive news from the official side. Additionally, considering the positioning of other tokens in the SUI ecosystem, such as $SCA and $CETUS, can also be taken into account.
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