Sui (SUI) Resumes Its Uptrend, Soaring by Almost 20%

Sui (SUI), a popular layer-2 network, has been one of the best-performing cryptocurrencies, soaring by over 1,312% from its lowest level in 2023.

Sui (CRYPTO: SUI) price surged almost 20% during the past 24 hours to last change hands at $5.13 Saturday evening.

The Layer-2 token price is now up over 1,312% from its 2023 low.

This performance has brought its market cap to $15.05 billion, making it the 13th biggest cryptocurrency in the industry.

CoinGecko data shows Sui’s surge coincided with the continued ecosystem growth.

Total Value Locked (TVL) in Decentralized Finance protocols on Sui soared to a record high of $1.96 billion.

The biggest players in DeFi are Suilend Protocol, NAVI Protocol, Cetus, Scallop Lend, and Aftermath Finance.

Sui Surged After Securing Major Partnerships, Stablecoin IntegrationsThe price of Sui also grew after securing major partnerships with VanEck, Grayscale, and Franklin Templeton.

For example, Grayscale launched the Sui Trust, which has seen over $14 million in assets.

If the Securities and Exchange Commission changes its view on crypto exchange-traded funds under Paul Atkins, that could signal the firm will apply for a spot Sui ETF in 2025.

Other Successes That Have Pro propelled Sui Price to Record HighIn related developments, Sui has incorporated four stablecoins, including USD Coin, AUSD, FDUSD, and USDY, with a combined market cap of over $406 million.

It also launched Deepbook V3, its native onchain order book, whose trading volume jumped to over $1 billion.

The order book protocol’s native DEEP token had a market value of over $375 million.

Meanwhile, the decentralized exchange ecosystem on Sui is booming, handling over $46 billion in volume since the network’s launch.

More data shows that the futures open interest for Sui soared to a record high of $963 million.

This marks a significant increase from this week’s low of $650 million and a sign that SUI price is gaining steam among investors.