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Why SUI Crypto Price is Up Today?
In a stunning turn of events, Solana’s biggest rival, the native token of the Sui blockchain (SUI) coin, has surprised the crypto community with a massive jump of 72% in just one week. According to Lookonchain, a popular blockchain analytical platform, there are three main reasons behind this strong rally.
Firstly, there is a surge in Total Value Locked (TVL) on the Sui network. In a short time, Sui’s TVL went up by 41%, reaching $1.73 billion as per Defillama. This significant increase indicates more users and developers are locking their funds into Sui’s decentralized apps, trusting the network to grow even more.
Secondly, there is an explosive growth in trading volume on Sui-based decentralized exchanges (DEXs). Over the last week, trading volume shot up by 170%, reaching $599 million in just 24 hours. This means that more people are buying and selling tokens on the network, which often pushes the price higher.
Lastly, there is a rapid growth of stablecoins on the Sui network. In the past two months, the total value of stablecoins on the network jumped from $482 million to $879 million, that’s an 82% increase. This shows that users are not just trading but also holding value and building trust in the system.
It is worth noting a rumor circulating online about Sui and Pokémon HOME collaborating. A Web3 company called Parasol, now owned by SUI’s team, was added to Pokémon HOME’s privacy policy. Some users noticed that this change originally mentioned Pokémon before the name was quietly removed. While there is no official confirmation yet, such a collaboration may be helping boost SUI’s price.
Currently, the SUI token is up by 23% and trading around $3.64, with its market cap hitting $11.83 billion in the last 24 hours.
Source: https://coinpedia.org/news/sui-token-jumps-72-in-just-one-week-3-key-reasons-behind-the-massive-rally/
