SUI has demonstrated an impressive surge over the last couple of days, taking the token’s price to a new ATH.
The price of SUI, currently the 50th largest cryptocurrency by market capitalization according to CoinMarketCap data, hit a new all-time high (ATH). SUI rose to $1.43, the highest price since May 2023, shortly after the network’s launch. The platform’s market cap is now at $1.54 billion.
SUI seems to be on an impressive bull run, climbing more than 10% in the last 24 hours, and over 78% in 7 days. Also, DeFi TVL (total value locked) aggregator DefiLlama shows that SUI’s TVL nearly hit a $350 million peak, even though it has now fallen to $340.38 million. In addition, SUI’s 24-hour volume is now at $48 million, swinging between $30 million and $76 million over the last week. DeFiLlama data also shows that the weekly change is an 82% jump.
The recent upswing on the SUI network is generally impressive as its 24-hour volume surpasses that of Cardano ($5.19 million). In addition, an X post from Jubi crypto exchange shows that SUI is one of the most searched coins on the platform in the week that ended on January 14. Other coins mentioned include Bitcoin (BTC), Ether (ETH), Solana (SOL), ENS, and METIS.
Factors Affecting SUI ATH
The spike in SUI’s price corresponds with the crypto sector’s excitement over the SEC’s approval of spot Bitcoin ETFs. Last week, the United States Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs for the first time since the first proposal was submitted in 2013. Although there hasn’t been much of a price reaction from Bitcoin or the major digital assets on the market, SUI seems to be telling a different story. However, it’s uncertain whether or not the two events are related.
The factors responsible for SUI’s growth include a rise in trading volume. Recently, SUI has had days where its 24-hour volume crossed the $70 million mark. In addition, open interest on the network is close to $160 million.
Adding to increased activity seen on decentralized applications (dApps) on the Sui Network is the upcoming integration of the Solend lending protocol. Solend, a lending and borrowing platform built on Solana, will be available outside the Solana Network for the first time. Solend covers several assets and has more than $140 million in TVL, across over 170,000 members. Rooter, the Founder of Solend, stated:
“We’re not maximalists… We’re building on Sui for the same reason we decided to build on Solana three years ago: because they’re doing something special.”
The team behind Solend combines experience from several industry heavyweights, including Coinbase, Twitch, Robinhood, Two Sigma, and Cruise. The platform also enjoys strong backing from names like Coinbase Ventures, Race Capital, Polychain, and Dragonfly.
The Sui Network is a layer-1 chain that boasts high throughput and low latency. Although it started the year outside the top 30 largest blockchain networks by TVL, Sui is currently the 13th largest.
