- SUI Price Surge Attributed to Grayscale
- Sui (SUI) Competes with Solana (SOL)
- Predictions and Challenges for SUI
The core native cryptocurrency of the L1 blockchain SUI is witnessing significant growth despite the weak performance of other altcoins. This is attributed to interest from Grayscale and an optimistic analyst report.
SUI Price Surge Attributed to Grayscale
Sui (SUI), a mid-cap altcoin, added 132% to its capitalization in three weeks. In the past week, it has been among the top performers in the top 100, recording a 50% growth. Currently, SUI ranks as the 25th largest altcoin by market capitalization, with a significant spike in trading volumes. In the last 24 hours, $1.1 billion in SUI positions were traded, making it the ninth most popular cryptocurrency among traders. This impressive rally is likely due to the launch of the SUI Trust by Grayscale, allowing accredited investors to gain exposure to SUI’s price volatility without holding the asset directly. Data also shows that the price of SUI Trust shares in the OTC market doubled this month.
Sui (SUI) Competes with Solana (SOL)
This announcement is supported by an optimistic report from K33 Research, a reputable analytics firm in the Web3 space. On September 19, researchers stated that SUI was the most dangerous competitor to Solana (SOL), a mainstream L1 blockchain with smart contracts. Thanks to parallelization and other technological innovations, Sui (SUI) achieved a more impressive TPS (transactions per second) than its rivals.
Predictions and Challenges for SUI
However, the tokenomics of SUI—where only 27% of the SUI supply is unlocked—might be an obstacle for the asset in challenging the heavyweights.
SUI continues to impress with its performance and could potentially pose a serious challenge to Solana and other leading blockchains. However, future developments will depend on its ability to address current challenges in tokenomics and other areas.
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