Layer-1 Chain Sui Is Igniting Another Leg of Its Rally, Brushing Up Against All-Time Highs

At time of writing, SUI is up 140% in the last 30 days, and 266% from its yearly low hit in August.

(CryptoSlate) – Layer-1 chain Sui (SUI) is continuing to rally, approaching all-time highs and registering increased network growth.

At the time of writing, SUI is up 140% in the last 30 days, and 266% from its yearly low hit in August. According to blockchain explorer Artemis, daily transactions on the Sui blockchain have more than doubled since October began, going from 4.1 million to over 9 million at the time of writing.

Earlier Monday, crypto exchange Bybit announced support for Sui on its Launchpool platform, making Sui the second chain to be available on the service after Mantle (MNT).

According to Emily Bao, head of spot and Web3 at Bybit,

“Recently, with the strong development of the SUI ecosystem, we quickly listed the NAVI protocol, a leading project in the SUI ecosystem, and introduced staking for the SUI token pool on our Launchpool. This marks Bybit's first mining pool beyond the Mantle ecosystem native tokens, and SUI is just the beginning. Moving forward, we will introduce more ecosystem token pools based on project characteristics and ecosystem development, empowering ecosystem growth.”

Circle, the firm behind USDC, recently announced that the Sui network will be adding support for the world’s second-largest stablecoin by market cap.

“SUI empowers developers to build apps for a variety of use cases, including DeFi, gaming, DePIN, and ecommerce. With the arrival of native USDC, developers can build with the largest regulated dollar-backed stablecoin in the industry.”

Macro guru Raoul Pal also recently said that Sui could be one of the “chosen ones” for the next crypto market rally.

At the time of writing, SUI is trading at $2.13, a 1.8% move below new all-time highs, with a market cap of $5.89 billion.