- Grayscale’s SUI Trust and increased institutional trading have fueled SUI’s 50% spike in just 7 days.
- K33 Research highlights SUI’s tech advancements, positioning it as a strong competitor to Solana.
n line with recent developments surrounding SUI, the native cryptocurrency of the Sui Layer 1 blockchain, CNF highlighted it as “one to watch” due to SUI’s potential to rival Solana. Recently, SUI has been experiencing a remarkable rally. Over the past week, it surged by 50%, with its market capitalization increasing by 132% in just three weeks.
Despite lackluster performances from other major altcoins, SUI has become a standout performer, now ranked as the 25th largest altcoin by market cap. A key factor behind this surge is the recent launch of a SUI-based trust by Grayscale, allowing accredited investors to gain exposure to SUI’s price volatility without directly holding the asset.
Grayscale’s SUI Trust Fuels Investor Interest
Grayscale’s decision to introduce a SUI-based trust has been a major catalyst for the cryptocurrency’s growth. Since mid-September 2024, institutional investors have been able to benefit from SUI’s price movements through the trust, contributing to a significant increase in trading volume.
Interestingly, in the last 24 hours alone, $1.1 billion worth of SUI positions were traded, making it the ninth most popular cryptocurrency among traders. The trust’s shares have doubled in value on the OTC market, further fueling market interest in SUI.
K33 Research Highlights SUI’s Potential to Rival Solana
Adding to the positive sentiment, K33 Research, a prominent Web3 analytics firm, released a report positioning SUI as a serious contender to Solana (SOL). According to CoinMarketCap, Solana (SOL) is trading at $149.35, with a 1.40% decrease in the past day and an 8.82% increase in the past week. See SOL price chart below.
The report highlights SUI’s technological advancements, including parallelization, which allows it to achieve impressive transaction speeds compared to its competitors. However, challenges persist, particularly due to the tokenomics of SUI, as only 27% of its total supply is currently unlocked. Nevertheless, analysts believe SUI has the potential to rival leading Layer 1 blockchains like Solana in the near future.
Recommended for you:
No spam, no lies, only insights. You can unsubscribe at any time.
Credit: Source link
