Sui Network Surges Past 1 Million Active Wallets, SUI Token Price Up 10%

Sui (SUI), the layer 1 blockchain platform, has achieved a significant milestone, surpassing 1 million daily active wallets. This news, coupled with broader market bullishness, has fueled a 10% surge in the price of SUI tokens in the last 24 hours.

Active Wallets and Transaction Surge Reflect Growing Adoption

Sui boasts a secure architecture designed for efficient digital asset management. On-chain data reveals a steady rise in active wallets throughout May, culminating in this impressive 1 million mark. This surge in activity signifies growing user adoption and network utilization.

SUI Outpaces the Market with Double-Digit Gains

The SUI token price has displayed remarkable strength, climbing over 10% today to $1.12. This uptick comes as other major cryptocurrencies see more modest gains, with Bitcoin and Ethereum rising just 0.7% and 1.3% respectively.

Trading Volume Skyrockets, Market Capitalization Climbs

SUI is experiencing a significant boost in trading volume, with a 43.4% increase pushing daily volumes above $165 million. This surge in activity has driven the network’s market capitalization to $2.63 billion.

Community Anticipates Further Price Growth

Crypto enthusiasts on social media are optimistic about SUI’s future, with some predicting a price target of $2. This bullish sentiment follows SUI’s all-time high of $2.18 reached in March 2024, fueled by strong inflows in Q1. Despite a recent decline, consistent network activity over the past six months suggests a potential for continued growth.

Sui Outshines Top Blockchains in Daily Gains

Sui’s daily gains in price and network activity surpass those of established blockchains and utility tokens. While the broader market experiences moderate growth, Sui surges ahead, demonstrating its current momentum.

The altcoin market, including SUI, is currently outperforming Bitcoin in terms of percentage gains. This is likely due to altcoins’ smaller market caps, making them more susceptible to volatility and potentially greater upswings.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Gold Price Forecast: $3,363 Break or Bust? Key Levels & Fed Minutes Ahead

1 hour ago

Save

$90B DEX Volume, 48% Drop in Value: Is Solana Still a DeFi Powerhouse?

2 days ago

Save

House Republicans Announce "Crypto Week" for Mid-July as Three Major Bills Head to Floor

2 days ago

Save