Why SUI skyrocketed
Ranked third in the list, with an increase of 32%.
The basis of SUI's surge can be attributed to multiple aspects. Here are some of the main factors:
1. Technical strength: SUI coin relies on advanced blockchain technology. Its underlying architecture is robust and highly scalable. It can cope with the surge in transaction volume and provide technical guarantees for price stability. For example, Move, the core smart contract programming language used by the SUI ecosystem, has ushered in a major update, adding new features such as enumeration, macro functions, and method syntax, enriching the developer's programming toolbox, enabling it to develop applications more efficiently and flexibly.
2. Ecological construction: SUI actively builds a diversified ecosystem, involving decentralized finance (DeFi), non-fungible tokens (NFT) and other fields. Rich application scenarios have broadened the value boundaries of SUI coins and helped to increase its market demand. As of May 2024, there are more than 500 active nodes in the SUI ecosystem, and its ecosystem includes 22 DeFi protocols.
3. Community activity: An active and loyal community is the cornerstone of the project's long-term development. The growth, participation and word-of-mouth communication of SUI coin community members all indirectly affect its market price. The community has organized various forms of activities, including online seminars, hackathons and developer competitions. The first global hackathon Sui Overflow attracted many developers to participate.
4. Market sentiment and capital attention: For example, the holding of the Move Ecological Conference has increased market confidence and attention; some ecological projects have started high subsidies, attracted a lot of funds, formed a positive flywheel effect of lock-up, and promoted the price of SUI.
5. Technical advantages: The Move language has a strong advantage in financial application scenarios, which can realize the decoupling of asset ownership and smart contracts, and improve security and flexibility. Compared with other smart contract languages, these features of the Move language may attract more developers and users, thereby driving up the price of SUI.