SUI Price Surges with TVL Reaching $1.3 Billion
SUI price has seen an impressive surge of more than 44% in the past week, reaching above $1.67. This significant increase includes a 65% spike in the past 30 days, marking a notable milestone for the native token of the layer 1 blockchain platform. These price levels haven’t been seen since early April, indicating a strong bullish trend for SUI.
What sparked the surge in SUI price? The catalyst for this recent surge can be attributed to Grayscale’s announcement that its SUI Trust is now open to accredited investors. This news led to a substantial increase in daily volume for SUI, propelling the price above $1. The market’s response to the Grayscale SUI Trust’s availability showcases growing institutional interest in SUI and its potential for further growth.
SUI’s price rally to over $1.67 has also coincided with a sharp uptick in the total value locked (TVL) in various decentralized finance (DeFi) protocols within the SUI ecosystem. OKX Ventures highlighted the positive impact of the Grayscale SUI Trust on SUI’s market credibility, which has contributed to the surge in TVL. The TVL for SUI has now surpassed $1.3 billion, reflecting the increasing confidence and investment in the platform.
The bullish sentiment surrounding SUI’s outlook is evident in the on-chain activity, with the TVL reaching $1.34 billion. According to DeFiLlama, SUI’s TVL has experienced significant growth, rising from approximately $250 million at the beginning of 2024 to crossing the $1 billion mark in May. Despite a temporary drop to $462 million during the cryptocurrency market crash in early August, SUI has quickly rebounded, demonstrating a resilient and robust DeFi ecosystem.
The growth of SUI’s DeFi ecosystem has played a crucial role in driving this surge, with increased adoption of protocols across various sectors such as lending, decentralized exchanges, real-world assets, derivatives, and yield farming. Navi Protocol, for instance, has witnessed a 34% increase in TVL month-to-date, surpassing $449 million. Lending protocols like Scallop and Suilend have also seen substantial growth, with respective TVL readings of $246 million and $203 million, representing a 34% and 100% month-to-date increase.
Overall, SUI’s recent price surge and the surge in TVL demonstrate the growing confidence and interest in the platform’s potential within the DeFi space. With institutional investors showing increasing interest and DeFi protocols gaining traction, SUI is poised for further growth and development in the coming months.