Sui Scorches Past Bitcoin in TVL Amidst Triple-Digit Upswing

On-chain data unravels a surprising rise in SUI ecosystemโ€™s TVL as the Layer-1โ€™s native token claims new heights.

Sui Tokens going up with blockchain technology
Created by Kornelija Poderskytฤ— from DailyCoin
  • SUI picks up 8% gains as most altcoins witness market correction.
  • Suiโ€™s total value locked surpassed Bitcoin, now approaching Cardano.
  • The Layer-1โ€™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, Suโ€™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 Bitcoinโ€™s $294.99 million. With a healthy 55% increase since last week, SUIโ€™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 โ€˜Blue Mondayโ€™ 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.

Sponsored

SUIโ€™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, SUIโ€™s price is expected to go through selling pressure. Wacy is looking out for a good entry point after another dip: โ€œThis is probably the most not obvious 3-5x. Perhaps with another dip that will allow me to buy cheaper.โ€

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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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaลกevskis is a DailyCoin Journalist, covering memecoins & latest developments. Tadas has moderate holdings in SHIB, HBAR, LTC, MATIC and a selection of low-cap meme currencies.

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