- SUI has surged 115% over the past 30 days, reaching a six-month high of US$2, close to reaching its ATH of US$2.18.
- This makes it the second-highest gainer among the top 100 cryptocurrencies, just behind TAO from BitTensor.
- Several factors are behind SUI’s price boost: unlocks, partnerships, and new liquidity flowing into its DeFi ecosystem.
The price of SUI, the native token of Sui Network, one of the largest layer-1 ecosystems in the market, has increased by 115% over the past 30 days, reaching a six-month high of US$2 (AU$2.97) on October 4, just 8.8% below its all-time high of US$2.18 (AU$3.23) on March 27, 2024.
Related: Aussie Analysts Reveal What Drives Latest Memecoin Craze, SUI’s Big Play to Build Community
This surge positions SUI as the second-highest gainer among the top 100 cryptocurrencies by market capitalisation over the last month, only surpassed by TAO, the native token of the popular AI crypto project BitTensor, which pumped 141.78% and is currently priced at US$611.08 (AU$906).
SUI and TAO have outpaced the broader crypto market, which increased by over 5% in the last 30 days. Bitcoin (BTC) also netted 12.95% in the same time span.
Why is SUI’s Price Blowing Up?
Several key drivers behind SUI’s price are involved. On October 1, the protocol unlocked 64 million tokens, about US$100M (AU$148M), representing 2.40% of its total circulating supply. The token rallied over 40% days before the unlock.
Token unlocks almost always trigger volatility in the market, for better or for worse. Back on September 1st of this year, another 60M tokens were unfrozen, causing SUI’s price to more than double.
Citing data from Artemis, Mert, a renowned Helius developer and hardcore Solana advocate, disputed Cointelegraph’s claims, stating that Sui hasn’t gotten close to Solana in terms of total net inflows in the last three months.
Related: Solana Leads 2024 Token Launches, Capturing Over 87% in Recent Surge
More data from Artemis reveals 54.2% of Solana’s outflows in the last three months have gone to Sui, representing over US$50M (AU$74.8M).
Ecosystem flow is a key metric that allows users to gauge which blockchains are losing and gaining liquidity. In other words, the metric gives an idea of how capital is being moved between different chains and protocols, indicating potential trends and narratives within a particular ecosystem.
Sui’s ecosystem has been on the rise lately, jumping from US$1B (AU$1.48B) in total value locked to roughly US$3.72B (AU$5.52B). This makes it a strong competitor to Solana, which currently boasts over US$5.39B (AU$8B) in TVL.
Another key driver behind SUI’s price is the native integration with USDC, Circle’s regulated stablecoin. This is the first Move-based layer-1 to partner with Circle. If you don’t know what a Move-based layer-1 is, it’s a foundational chain that uses the Move programming language for operations.
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