Sui, the layer-1 blockchain known for transaction finality and high-speed throughput, is on a roll, setting records and creating new milestones. The blockchain’s native token, SUI, has reached a new all-time high (ATH), and its total value locked (TVL) has also set a record.
Last Sunday, SUI’s price hit $2.661, a new high for the layer-1 blockchain’s native token. SUI’s ATH comes after a significant rally that saw the altcoin gain over 400% in about two months. At the same time, the blockchain’s TVL has surged, reaching $1.135 billion for the first time, according to data from DeFiLlama, a DeFi analytics platform.
SUI Enters the Top 20 Cryptocurrencies
This recent surge has affected every aspect of Sui’s native blockchain structure. The crypto asset’s market capitalization reached a record $6.47 billion before falling slightly to $5.65 billion at the time of writing. With this growth, SUI jumped into the top 20 cryptocurrencies, ranking 18th as of press time, according to data from CoinmarketCap.
Blockchain and cryptocurrency analysts attribute SUI’s rapid rise to a combination of factors, including growing investor interest, increased on-chain activity, and the expanding utility of the SUI network. SUI stands out by ranking among the top three altcoins by netflow and capturing about 9% of the capital flowing out of the Ethereum ecosystem in the past month.
Because of this, many analysts think Sui is posing a notable challenge to Ethereum’s EVM dominance. There’s a growing trend of blockchain users, including investors and developers, who prefer the novel blockchain protocol over the EVM.
Read also: Crypto’s 2024 Winners: Sui, Bitcoin, Solana, and Ethereum Surge
Beyond the impressive price surge and rise in TVL, the Sui ecosystem has experienced a boost in the influx of decentralized applications (DApps). Decentralized exchanges, memecoins, and lending protocols have also entered the Sui ecosystem. CoinGecko’s data shows the market cap of memecoins on the Sui blockchain reached a high of $296 million before dropping to $233.3 million at the time of writing.
The recent integration of Circle’s USDC stablecoin on Sui has given the blockchain another boost, allowing for greater liquidity and more efficient transactions within Sui’s ecosystem. Analysts expect this trend to continue, with USDC playing a key role in attracting new users and driving adoption for the Sui blockchain.
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