Why has the public chain token SUI surged? The main reasons are as follows:
Significant increase in trading volume: The trading volume of SUI has significantly expanded within a week, reflecting increased interest from market participants and heightened trading activity.
Active ecosystem: In SUI's Layer 1 ecosystem, several decentralized finance (DeFi) and gaming projects have been integrated, which has increased network usage and user participation.
Increased institutional interest: Especially after SUI set a historical high, staking-related activities have become frequent, and whale investors have significantly increased their holdings, indicating strong institutional interest in SUI.
Technical upgrades and optimizations: The Mysticeti upgrade has reduced transaction completion time to about 0.6 seconds, improving network efficiency. In addition, USDC plans to launch on the SUI network, enhancing its potential in stablecoin trading and DeFi applications.
Positive market sentiment: After the results of the U.S. elections were announced, risk appetite increased, and market sentiment surged, further driving up the price of SUI.
These factors combined have driven a significant rise in the price of SUI, making it a highlight in the recent cryptocurrency market.