Grayscale Makes Bullish Case For SUI, Will Price Rally Sustain?
Grayscale has emphasized the applications of the Sui network, presenting an optimistic forecast for the SUI price, which has increased by more than 50% this week.
Grayscale, the asset management firm, has expressed an optimistic forecast for the $SUI price, which is currently experiencing its own upward trend.
The altcoin has already increased by more than 50% this week, and analysts indicate that this price surge may persist in the near future.
Grayscale Highlights Sui Network’s Use Cases Amid $SUI Price Rally
In a recent post on X, Grayscale announced that the Sui network is developing an infrastructure designed to bridge Web2 and Web3.
The asset management firm emphasized that the network's objectives include facilitating seamless asset management across different chains and enabling private on-chain.
AI data sharing, all aimed at simplifying blockchain technology, payment processes, and the integration of real-world assets through user-friendly tools.
This announcement coincides with the launch of the Grayscale $SUI Trust, which is now available to qualified accredited investors interested in gaining exposure to the network's native cryptocurrency.
This development is particularly noteworthy as Grayscale is expected to eventually file for the conversion of this fund into a spot ETF, similar to its previous actions with other cryptocurrency funds.
The price of Sui experienced a remarkable increase of over 70% this week, followed by a slight correction, largely attributed to this strategic move by the asset manager.
It is also important to note that Canary Capital has already submitted a proposal to offer a SUI ETF, and other asset managers may soon follow suit.
Additionally, the altcoin's price has surged this week due to the expansion of its ecosystem through partnerships with xPortal and xMone, which aim to launch a virtual Mastercard.
