Many altcoins have staged a major growth trend over the past week, with SUI network outshining even the biggest digital currencies on the market. In the trailing seven-day period, the coin recorded at least a 70% rally and moved up in the rankings to become the 11th largest coin.
Why is SUI soaring?
According tonew insights from Lookonchain, one of the major drivers of the SUI rally is the increase in Total Value Locked (TVL), a metric that defines how much of a user’s funds are locked in a protocol. For SUI, this comes in at $1.645 billion, up 38% in the past week.
Another factor behind the protocol'snative token breakout is the surge in decentralized exchanges (DEXes) operating on the chain. This comes in at $599 million, a 177% increase from last week.
The $SUI price has surged by 60% in the past week.What is driving the rise of $SUI?TVL has increased by 38% in the past week to $1.645B.DEXs Volume(24h) has reached $599M, a 177% increase from last week.Stablecoins on #Sui have grown rapidly over the past two months,…
Lastly, SUI's price growth is attributed to the stablecoin activity on the network, which has rallied significantly over the past week. Stablecoins have grown from $482 million to $879 million, marking an 82% rally in the past two months.
With the coin outperforming its historical short-term trends, it now looks forward to flipping Tron for a spot among the top 10 most capitalized coins.
Earlier this week, the SUI priceedged out Dogecoin and Cardano amid flashes of consolidation on the broader market. The coin was trading for $3.642 at press time, up by 22.54% in 24 hours.
SUI is one of the few assets that has pared off its losses over the past month, as it jumped by over 44% within this period. With the current setup for the coin, a potential return to the past all-time high of $5.351 is possible moving forward.
The SUI network has theright endorsements and fundamentals, perfect collaborations and an ecosystem that can drive its growth in the future.
