- The native token of the layer 1 smart contract SUI has experienced a notable price surge.
- SUI’s total value locked in and trading volume have also soared.
- The protocol was recently caught in a web of regulatory challenges.
The recent surge in crypto market activity has rippled through several projects, triggering a bullish momentum and new price gains.
Not to be left behind, the native token of the layer-1 smart contract Sui has had an impressive start to the year with a notable price surge.
SUI Token Records Price Gains
Over the past three months, the SUI token has witnessed substantial gains, registering a remarkable 300% increase in its price.
The increase coincides with the approximate 2,200% surge in SUI’s Total Value Locked (TVL) over the past months, hitting over $317 million from the previous record of $60 million, according to market data.
SUI’s TVL surge has propelled the token into TOP 50 by global market capitalization status, surpassing Bitcoin by a considerable margin.
The token’s trajectory has ignited a bullish trend among investors, especially following the platform’s October regulatory saga. In October 2023, South Korean financial authorities accused the layer 1 smart contract of manipulating the distribution of its native token SUI, casting a shadow of uncertainty on its operations.
At the time of writing, SUI is trading at $1.26, marking an approximate 300% increase from its trading rate range of $0.3 to $0.4 in October.
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