Sui (SUI) up by 50% in Seven Days: Reasons

SUI, a core native cryptocurrency of the eponymous L1 blockchain, is witnessing an excellent rally. Yesterday, it stopped 20% shy of the all-time high despite the pale performance of major altcoins. A dramatic upsurge can be attributed to interest in SUI-based trust by Grayscale and an optimistic report by analysts.

SUI price up by 50% in just one week, Grayscale to blame

Sui (SUI), a mid-cap altcoin and key crypto asset of the eponymous network, added 132% to its capitalization in three weeks. In the past seven days, it is among the best performers in the top 100 with 50% growth.

Image by CoinGecko

Also, the cryptocurrency, which is now the 25th largest altcoin by market capitalization, registers an unparalleled spike in trading volume. With $1.1 billion in SUI positions traded in the last 24 hours, it is the ninth most popular cryptocurrency for traders.

Such an impressive rally should likely be attributed to the launch of the SUI-based trust by Grayscale, a U.S. asset manager.

Starting from mid-September 2024, accredited investors might benefit from exposure to SUI's price volatility with no need to hold the asset directly.

The price of SUI Trust shares on the OTC market also doubled this month, data says.

Sui (SUI) still can challenge Solana (SOL), K33 Research shows

This announcement comes together with a super-optimisic report by K33 Research, a highly reputable analytics firm in Web3.

On Sept. 19, researchers published a statement that SUI was the most dangerous competitor to Solana (SOL), a mainstream L1 blockchain with smart contracts.

Thanks to parallelization and other tech novelties, Sui (SUI) managed to accomplish a more impressive TPS than its rivals.

However, its tokenomics, with only 27% of the SUI supply being unlocked, might be an obstacle to the asset in flipping the heavyweights.