- SUI picks up 8% gains as most altcoins witness market correction.
- Sui’s total value locked surpassed Bitcoin, now approaching Cardano.
- The Layer-1’s native crypto soared to a new yearly high on Blue Monday.
Sui blockchain emerged last year as a unique Layer-1 solution focused on digital asset ownership. Currently, Su’s native token, SUI, is approaching the TOP 50 by global market capitalization, with a notable increase in total value locked (TVL).
According to the decentralized finance analytics platform DefiLlama, SUI now takes the 12th spot from Bitcoin (BTC) in this metric, standing at $341.26 million, in comparison to Bitcoin’s $294.99 million. With a healthy 55% increase since last week, SUI’s DeFi ecosystem has significantly contributed towards $SUI, hitting $1.44, a double-up from $0.77 since the New Year.
$962M SUI to Be Unlocked: Concern for Investors?
The parabolic 116% monthly run for SUI has put the Layer-1 token amid the TOP 50 contenders, reaching far past the initial target of $1. On ‘Blue Monday’ afternoon, SUI inked 8% to claim the highest price since listing. However, the $1.50 resistance levels are yet to be tested, as SUI retraced to $1.36 hours after the freshly-claimed heights.
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SUI’s road ahead is challenged by a looming cryptocurrency unlock. In a report shared by blockchain researcher Alex Wacy, he sheds light on the 962 million SUI token unlock, approximately 75% of the current SUI circulation. Standing at 1,100,947,214, these tokens can be traded across decentralized and centralized crypto platforms.
The pre-scheduled SUI token unlock on May 3 will have crypto investors receive 33% of the pie, 465 million SUI. Community reserves comprise 22% of the grant, while early contributors and stake subsidiaries comprise 7% of the allocated funds. Due to crypto tokens pouring into circulation, SUI’s price is expected to go through selling pressure. Wacy is looking out for a good entry point after another dip: “This is probably the most not obvious 3-5x. Perhaps with another dip that will allow me to buy cheaper.”
On the Flipside
- The current 1.1 billion SUI circulating supply represents only 11% of 10,000,000,000 minted coins.
Why This Matters
SUI will be one of the best-performing altcoins in 2024, presenting scalable digital ownership solutions for businesses and retail investors.
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