$SUI COULD THIS BE THE SOLANA OF THIS BULL RUN đ
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Sui (SUI) is up by 50% in Seven Days: The reasons are strong enough for this rally.
SUI, a core native cryptocurrency of the eponymous L1 blockchain, is witnessing an excellent rally. Yesterday, it stopped 20% shy of the all-time high despite the pale performance of major altcoins. A dramatic upsurge can be attributed to interest in SUI-based trust by Grayscale and an optimistic report by analysts.
đŻ SUI price up by 50% in just one week, Grayscale to blame
In the past seven days, it is among the best performers in the top 100 with 50% growth. Also, the cryptocurrency, which is now the 21st largest altcoin by market capitalization, registers an unparalleled spike in trading volume and about to enter the top 20.
đčSuch an impressive rally should likely be attributed to the launch of the SUI-based trust by Grayscale, a U.S. asset manager.
đčStarting from mid-September 2024, accredited investors might benefit from exposure to SUI's price volatility with no need to hold the asset directly.
đčThe price of SUI Trust shares on the OTC market also doubled this month, data says.
đ Sui (SUI) still can challenge Solana (SOL), K33 Research shows
This announcement comes together with a optimisic report by K33 Research, a highly reputable analytics firm in Web3.
On Sept. 19, researchers published a statement that SUI was the most dangerous competitor to Solana (SOL), a mainstream L1 blockchain with smart contracts.
Thanks to parallelization and other tech novelties, Sui (SUI) managed to accomplish a more impressive TPS than its rivals.
However, its tokenomics, with only 27% of the SUI supply being unlocked, might be an obstacle to the asset in flipping the heavyweights.
