Sui , a Layer-1 blockchain, saw an incredible spike in trading volume. Its 24-hour trading volume exploded by more than 101%, hitting $1.48 billion. This spike has led to an impressive increase in Sui’s value and turned the heads of traders and investors everywhere.
The current market capitalization of Sui is $10.3 billion. It has even risen to the #12 spot on CoinMarketCap in recognition of its increasing impact within the blockchain ecosystem. As of Friday, Sui had shot up to around $3.00. This breakout comes after a number of months trading in a choppy range under $2.00 to $2.40.
Sui’s market momentum is solidified by strong underlying fundamentals. Short-term, the blockchain is winning a bigger piece of the trader buzz. This is further evidenced by its strong 16.1% YoY developer growth. This sky-high growth rate is neck-and-neck in the race with Solana’s 17.7%, indicating a fierce competitive spirit between the two platforms.
Sam Blackshear, co-founder and CTO of Sui has noted the blockchain’s technological prowess. This combination of technological prowess and growing market activity has Sui well-poised to be a thriving contender in the Layer-1 blockchain race. The recent influx of trading volume and price appreciation underscores its potential. It could relatively soon become a competitor to the dominance of proven and established players like Solana.
