SUI gained 115% in a month after integrating USDC into its blockchain, which resulted in a parabolic surge in user and network activity.
Sui (SUI) price continues to rally on Oct. 4, gaining 115% over the past 30 days.
Data from Cointelegraph Markets Pro and TradingView shows SUI rose from a low of $0.742 on Sept. 2, climbing as much as 170% to a six-month high of $2, just 8.8% shy of its $2.18 all-time high reached on March 27.
SUI/USD daily chart. Source: TradingView
Sui’s technical capabilities and the upcoming release of a native gaming console could see the network eventually rival Solana, but tokenomics pose a looming threat.
Solana may be the top alternative layer-1 network next to Ethereum right now, but the Sui Network could eventually rival that position, speculates analysts from K33 Research.
In a Sept. 18 research note, K33’s DeFi analyst David Zimmerman said that Sui’s performance relative to Solana, combined with its architecture and upcoming game console release, could make it a top contender among “alt L1s.”
“Solana often steals the focus in the L1 wars, but while SOL/ETH has gained 6% since the August open, SUI/SOL has rallied 115% in the same period,” said Zimmerman.
A buzz has been generated around a new layer one (L1) proof-of-stake blockchain initiative named Sui, following the network’s mainnet debut on May 3, 2023. The native token SUI has been listed on various cryptocurrency exchanges, drawing attention to the project. On the same day the network launched, SUI peaked at $2.16 per unit, but […]