SUI Overtakes BNB in 24-Hour Trading Volume as Market Participants Shift Their Focus to New Projects

SUI has officially surpassed Binance Coin (BNB) in 24-hour trading volume, indicating a shift in how investors are trading major cryptocurrencies.

The cryptocurrency market continues to display surprising shifts as smaller projects rise to the forefront. In a recent development, smaller projects like AnChain and SUI have managed to outpace bigger names like Binance Coin (BNB) in 24-hour trading volume.

As market indicators show, SUI’s trading volume reached $2.06 billion, showcasing a 29% increase from yesterday. In comparison, BNB’s volume stands at $1.7 billion with a smaller day-to-day increment of 9.8%. This places SUI in the 11th position by market capitalization with a multi-timeframe uptrend across all key periods.

The shift in trading activity puts SUI ahead of several cryptocurrencies with larger market capitalizations. At press time, the token is up 11.4% in the past 24 hours, 3.0% over seven days, 86.6% over 30 days, and a massive 260.5% increase over the past year.

The contrast between SUI and BNB extends beyond trading volume to price performance. While SUI yielded a return of 260.5% last year, BNB experienced a relatively smaller gain of 5.4% around the same time.

BNB’s relative stagnation is interesting given that it’s the native token of the world’s largest crypto exchange by trading volume. SUI’s trading volume explosion can be due to several factors. Notably, the Sui ecosystem has expanded its dApp offerings, attracting developers and users to the platform.

This is also likely an indication of increased activity on social media surrounding the project. The difference between volume trading and market capitalization rankings is intriguing. SUI’s total market value is $7.8 billion, which is lower than that of BNB’s $59.2 billion, but is seen in the increased frequency of buying and selling of the token.

This is likely to be an indication of shifting sentiments in the market since trading volume tends to indicate what will occur with prices. Increased trading volume in relation to market value may indicate that a cryptocurrency is receiving more interest than its prevailing price would indicate.