Sui (SUI) "Rapidly Accelerates" to Achieve New ATH at $1.45

Sui (SUI) has entered the top 15 leading blockchains by daily and weekly trading volume.

Sui (SUI) "Rapidly Accelerates" to Achieve New ATH at $1.45

On January 15th, the layer-1 blockchain Sui (SUI) officially reached a new all-time high (ATH) of $1.45. The coin has been on a continuous upward trajectory over the past month, with a 135% increase.

SUI/USDT 1D chart taken at 10:10 AM on January 16, 2024, on Binance

Sui (SUI) is also one of the most dynamically developing layer-1 networks recently. Over the past 7 days, SUI has surged by 85%, and the Sui network has ranked among the top 15 blockchains in terms of trading volume.

Specifically, Sui has witnessed an 82.42% increase in trading activity on decentralized exchanges (DEXs) and has processed transactions worth over $350 million, according to DeFillama data. This has propelled Sui ahead of more established competitors like Cardano and Fantom.

Additionally, the total value locked (TVL) on Sui has also surged to reach $300 million as of January 14th, surpassing even Bitcoin.

The Sui Network also shared this significant milestone on X:

"Sui recently surpassed $300 million, just 48 hours after crossing $250 million."

At the time of writing, TVL on Sui stands at $328 million.

TVL on Sui. Source: DeFillama (16/01/2024)

The attractiveness of Sui has been further enhanced by Solend, a leading lending protocol on Solana, expanding to this blockchain.

Sui is a blockchain that utilizes the Move programming language developed by Facebook, similar to Aptos. The project raised $300 million in 2022 with a valuation of up to $2 billion. Following its mainnet launch in May 2023, the SUI price had experienced continuous decline due to token unlock pressures and concerns such as unclear tokenomics and project departures.