As many assets in the cryptocurrency market start to slowly recover after recent losses, Sui Network (SUI), the so-called ‘Solana (SOL) killer’ or the ‘next Solana-like big mover’ has skyrocketed almost 18% in the last 24 hours, catching the attention of many crypto traders.
Indeed, the huge rise of the currently 28th-largest token in the crypto sector by market capitalization has sparked curiosity over what has led it to surpass every other digital asset in daily gains, as well as making it the second top mover in terms of weekly price increases.
Specifically, SUI has today advanced by a whopping 17.88%, adding up to its 27.23% gain across the past seven days, and accumulating an increase of 5.39% over the last month, as it reached the price of $1.04, according to the most recent data retrieved on September 12.
SUI price 24-hour chart. Source: Finbold
Why is Sui crypto price up today?
Notably, one reason for the rise could be the announcement by digital assets manager Grayscale that it has opened its recently launched crypto investment trust for SUI, called Sui Trust, to accredited investors, providing qualified investors with exposure to crypto assets.
Furthermore, other reasons could lie in a trove of significant updates in the Sui ecosystem, including the upcoming introduction of SuiPlay, a Web3-native handheld gaming device set to hit the shelves in the first half of 2025, positioning Sui as a major player in the Web3 gaming sector.
On top of that, the recent Mysticeti upgrade has boosted its blockchain performance, shortened transaction times, and improved scalability, further establishing Sui as a strong competitor to the likes of Solana, and potentially justifying its ‘Solana killer’ moniker.
All things considered, the Sui ecosystem’s rise in the crypto sector could continue, boosting the price of its token as it develops further. That said, trends in the crypto market can change unexpectedly, so making any definite Sui crypto price prediction is challenging.
For this reason, doing one’s own due diligence, including carrying out detailed research, keeping up with any Sui crypto news, and carefully weighing all the risks involved, is critical when investing substantial sums of money in this token, as is with any other asset.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
The post Here’s why ‘Solana killer’ skyrocketed 18% today appeared first on Finbold.