Layer-1 blockchain Sui Network has emerged as a shining star in the cryptocurrency market after its value more than doubled this year.
According to data from Bitcoin Magazine, Sui Network's SUI token has increased by about 185% year-to-date, reaching an all-time high of over $2.2.
This incredible price performance has propelled Sui into the top 15 cryptocurrencies by market capitalization, cementing its position as one of the most promising blockchains of 2024.
This growth far outpaces Toncoin's (TON) 124% gain and the overall cryptocurrency market's 37% expansion. Even Bitcoin's 53% gain can't match it.
Many factors have contributed to Sui's impressive growth, including the expansion of the DeFi ecosystem and the growth of the stablecoin market.
According to data from DeFillama, weekly DEX trading volume increased by about 50% to $1.45 billion, while the network's total value locked also reached the same level. This growth, fueled by speculation in meme tokens and the launch of USDC on the network, solidified Sui's position in the top 10 blockchains by total value locked (TVL).
Current TVL | Source: DefilLama
Observers also note that institutional interest in digital assets has fueled Sui’s growth, with Grayscale’s launch of a Sui-focused fund signaling growing confidence in the platform’s potential.
If Sui continues this growth momentum, market analysts believe it could challenge established rivals like Solana and Ethereum in the coming months.
VanEck has pointed to Sui’s object-based architecture as a key advantage. This innovative design delivers superior performance compared to competitors like Solana and Ethereum, potentially putting Sui ahead in the Layer-1 race.
K33’s David Zimmerman highlights Sui’s recent achievements, advanced architecture, and upcoming gaming console as factors that could solidify Sui’s position as a leading alternative Layer-1 blockchain.
Despite the impressive performance, some of the sales made by ICO wallets have raised concerns about insider trading in the community.
Source: https://tapchibitcoin.io/sui-tro-thanh-tai-san-so-co-hieu-suat-tot-nhat-tu-dau-nam-den-nay.html
