SUI Token Records 300% Price Uptick Amid Soaring TVL

The token’s surge has sparked a bullish trend among investors, particularly following the it’s October regulatory saga.

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  • 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.

Read more on crypto altcoins’ performance and market activity:
Dogecoin Poised for $0.10 on One Condition, Notes Top Analyst 

Find out more details about the performance of Bitcoin ETFs since launch:
Bitcoin ETFs Historic $10 Billion Sale Lauded by Experts

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.

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Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.