(Tuesday 13 August 2024, 09:27 AM GMT):
$SUI Network's SUI token has seen a remarkable surge in its price, thanks to the recent launch of two new crypto investment trusts by Grayscale, one of the leading names in cryptocurrency asset management. The Grayscale Bittensor Trust and Grayscale Sui Trust were both introduced on August 7, 2024. These trusts are designed to invest directly in the native tokens of the Bittensor Protocol (TAO) and the Sui (SUI) blockchain, respectively.
Sui (SUI) has quickly become a standout in the cryptocurrency market, boasting a notable 67.96% price increase over the past week. The token is currently trading around $1, pushing its market capitalization to an impressive $2.52 billion.
The significant uptick in Sui's value began shortly after Grayscale's introduction of the Sui Trust, which focuses on investing exclusively in SUI. This move by Grayscale has provided a substantial boost to Sui, attracting more investor attention and driving up the token's price.
Adding to the excitement, Andrew Kang, a well-known figure on social media platform X, recently pointed out several factors that hint at further positive developments for SUI. These include Raoul Pal’s endorsement of the token, aggressive price action without significant pullbacks, and strong holdership even through substantial token unlocks.
As the Sui Network continues to gain traction, the future looks bright for SUI, with more investors eyeing this emerging cryptocurrency.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial or investment advice.
#SUI🔥 #Grayscale
