SUI is slowly but steadily becoming one of the most popular layer 1 blockchains. A look at Sui network’s stats reveals promising trends that are catching the attention of both retail and institutional investors.
For example, there are over 8 million transactions in the last 24 hours on the Sui network. When we compare that to Solana’s numbers for the same period, it had around 35 million, which is slightly more than 4x Sui’s volume. However, when you look at Sui’s market cap, it’s around $1.6 billion now, while Solana’s is $70 billion.
This significant difference in market cap compared to transaction volume suggests that SUI price may have potential for growth. As the network continues to develop and attract more users, it could potentially close some of the gap with more established competitors.
The high transaction volume indicates that Sui is gaining traction among users, possibly due to its focus on scalability and low transaction costs. This growing adoption could be a positive sign for SUI too.
Growing User Base and Activity
When you look at new coins, new NFTs, and new account data, all of these numbers are up in terms of percentage in the last 7 days. There are over half a million new accounts created during this period, which is 4% more than the week before.
This surge in new accounts suggests that more people are becoming interested in the Sui ecosystem. The increase in new coins and NFTs also indicates that developers and creators are actively building on the platform, which is crucial for the long-term success of any blockchain network.
Grayscale has announced the creation of new single-asset crypto investment funds. Among these is the Grayscale Sui Trust, which will focus on SUI tokens.
We are proud to announce the creation of two new single-asset crypto investment funds, available through private placement: Grayscale Bittensor Trust $TAO and Grayscale Sui Trust $SUI.Available to eligible accredited investors.Press release: https://t.co/Xplh81KI9W1/3 pic.twitter.com/pGcLhcZSdD
— Grayscale (@Grayscale) August 7, 2024
This move by Grayscale could potentially bring more institutional attention and investment to the Sui ecosystem. It’s a sign that established financial firms are taking notice of Sui’s potential and are creating products to give their clients exposure to the network.
Price Movement and Future Outlook
Given these developments, it’s not surprising that the SUI price increased by 10% today. It’s now trading around $0.63. This price movement reflects growing investor confidence in the network’s potential.
If these kinds of developments continue, Sui may have a bright future ahead. The network’s focus on scalability, combined with growing adoption and institutional interest, could position it well in the competitive landscape of layer 1 blockchains.
Read also: Kaspa (KAS) Wrestles Bitcoin Dominance: Analyst Sees Short-Term Dip, Long-Term Gains
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