Sui Token Surges 13% Following Launch of Grayscale SUI Trust
Sui (SUI) surged 13% in one day, reaching $1.03, amid a broader recovery which started on September 3 and is up 23.6% on the week.
According to CoinMarketCap data, SUI is the top gainer within the top 100 cryptocurrencies by market capitalization in the past 24 hours, ahead of BinaryX and Popcat.
Crypto Banter attributed the price rally of this cryptocurrency to the launch of the Grayscale Sui Trust, stating that the “recent surge in price that saw SUI outperform the broader market. can be substantially attributed to the release of the Grayscale Sui Trust. This newly created investment product has brought attention to the product that most probably spurred on demand for the $SUI token!"
Grayscale announced the creation and public offering of the Grayscale SUI Trust on September 12. This new investment product affords accredited investors a vehicle to exposure into SUI, much like the many other single-asset investment trusts created by the firm.
The trust invests only in the token underpinning the SUI layer-1 blockchain, while shares have been designed to track the SUI market price, less fees and expenses.
The blockchain has seen its total value locked (TVL) double over the past month, up 107.5% between Aug. 5 and Sept. 12. It currently has more than $711 million in total value locked on the network, per DefiLlama
This is being driven by diverse DeFi protocols such as the decentralized exchange Cetus, which is at $121 million in terms of TVL, up 22% in the last 30 days; Navi Protocol sits at $261 million in TVL; Scallop Lend, $117.75 million; DeepBook, $29.31 million; and FlowX Finance at $15.78 million.
