SUI is up about 185% this year, driven by its DeFi ecosystem and stablecoin market growth

CoinVoice recently learned that data shows that SUI has risen by about 185% so far this year and hit a record high. Analysis pointed out that several factors contributed to Sui's development, including the expansion of its DeFi ecosystem and the growing stablecoin market.

According to DeFillama, Sui’s on-chain DEX weekly trading volume grew by about 50% to $1.45 billion, with a current TVL of $1.182 billion. With the help of the Meme coin craze and the launch of USDC on the network, Sui has entered the top ten blockchains in terms of TVL.

Observers also pointed out that institutional interest in Sui has driven the rise of its token, such as Grayscale's previous launch of the Sui Investment Trust. [Original link]