Many altcoins have seen significant growth over the past week, with the SUI network even outperforming the largest digital currencies in the market. Over the past seven days, the coin recorded an increase of at least 70%, rising in the rankings to become the eleventh largest by volume.
Why is the SUI index rising?
According to new insights from Lookonchain, one of the main drivers of SUI's rise is the increase in total value locked (TVL), a metric that determines how much user funds are locked in a particular protocol. For SUI, this value reached $1.645 billion, an increase of 38% from last week.
Another factor behind the popularity of the protocol's native tokens is the significant rise in the number of decentralized exchanges (DEXes) operating on-chain. The value of these platforms reached $599 million, up 177% from last week.
The price of SUI rose by 60% over the past week. What is driving this increase? TVL increased by 38% over the past week to reach $1.645 billion. The trading volume on decentralized exchanges (DEXs) over 24 hours was $599 million, an increase of 177% from last week. Stablecoins on #Sui have seen rapid growth over the past two months...
Finally, the growth in the price of SUI is attributed to the activity of stablecoins on the network, which saw a significant rebound over the past week. The value of stablecoins rose from $482 million to $879 million, marking an increase of 82% over the past two months.
With the coin outperforming its short-term historical trends, it is now looking to flip Tron for a place among the top 10 coins by market capitalization.
SUI price to ATH?
Earlier this week, the price of SUI surpassed Dogecoin and Cardano amid hints of a merger in the broader market. The price of the coin was $3.642 at the time of publication, an increase of 22.54% over 24 hours.
SUI is one of the few assets that reduced its losses over the past month, having jumped by more than 44% during this period. Given the current state of the currency, it is likely to return to its all-time high of $5.351 in the future.
The SUI network enjoys the right endorsements, fundamentals, ideal cooperation, and an ecosystem that can lead to its growth in the future.
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