Sui (SUI), a newcomer in the crypto sphere, is making waves as it tallied an impressive 87% rally in the last seven days, pushing its price to reach $1.43 at the time of writing for a new record high. Its native token has outperformed Bitcoin, sparking renewed interest in the dormant DeFi scene.
Sui’s remarkable success can be attributed to the remarkable surge in its Total Value Locked (TVL), a key metric reflecting the amount of cryptocurrency locked into its decentralized finance (DeFi) protocols.
Over the course of the past week, the Sui network has witnessed an exponential increase in its TVL, reaching an astonishing figure of nearly $350 million. This achievement holds particular significance considering the relative youth of the platform in the competitive crypto landscape.
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Strong TVL Lifts SUI Price To New ATH
The upswing in TVL is indicative of a robust and growing user base that is actively participating in Sui’s DeFi ecosystem. This surge in user engagement is a testament to the platform’s ability to attract and retain a diverse community of crypto enthusiasts.
As users flock to leverage Sui’s offerings, the platform has become a focal point for investors seeking exposure to the burgeoning DeFi space.
SUI currently trading at $1.3760 on the daily chart: TradingView.com
Meanwhile, Bitcoin, the former heavyweight champion, is facing challenges. Despite the historic approval of spot ETFs, Bitcoin’s TVL is decreasing, reflecting a decline in its token price.
SUI Ranks 3rd In Singapore Exchange
However, Sui’s achievement goes beyond Bitcoin’s setback. The platform is gaining recognition, with industry leaders like the Singaporean exchange Jubi ranking Sui as the third most-searched token. This signals a surge in curiosity and potential demand. Additionally, an upcoming integration with DeFi powerhouse Solend is expected to further boost Sui’s momentum.
📈Most searched coins last week on #Jubi (January 8 – January 14)
— JUBI (@JBEXCOM) January 15, 2024
On-chain data shows Sui edging Bitcoin in TVL last week, securing a spot in the top 13 global blockchains. This unexpected success has sent shockwaves through the crypto community, propelling Sui up the price charts.
Social Media Hype
While Bitcoin’s TVL and price struggle, Sui is on a rapid ascent. Just 48 hours after surpassing $250 million, Sui broke through the $300 million barrier, showcasing rapid growth.
Social media activity adds to the hype, especially with discussions around the impending Solend integration. With a current TVL of $335 million, Sui’s momentum is capturing global attention.
Despite the excitement, a word of caution is warranted. The crypto market is volatile, and Sui’s meteoric rise may be followed by a steep descent. Long-term sustainability is the true challenge, and only time will reveal if Sui can maintain its position.
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