As a seasoned crypto investor with a knack for spotting promising projects, I must admit that the recent surge of Sui (SUI) has caught my attention. With its 20% spike in just 24 hours and hitting its highest price level in six months, it’s hard not to notice this underdog. The news from Bybit, a well-respected exchange, announcing support for SUI as a native ecosystem pool token is certainly a positive sign.
In the past 24 hours, the value of Sui has significantly increased by over 20%, marking its highest point in six months. This growth comes as a result of optimistic updates stemming from crypto exchange Bybit.
On October 7th, Bybit started backing Sui (SUI) tokens as part of its native ecosystem pool. This move comes at a time when the token’s value has significantly increased.
Bybit Launchpool adds support for SUI
The market seemed optimistic, anticipating a bustling week with significant economic developments. It appears that some investors, perhaps less experienced or confident, chose to withdraw their investments during the recent market downturn linked to global political issues.
As a crypto investor, I’m excited about the potential benefits that come with Bybit adding SUI to their ecosystem token pools. For me, this means that Sui is now available in the first mining pool outside of the Mantle ecosystem on Bybit Launchpool. This expansion could be a significant factor contributing to Sui’s growth and value increase.
Bybit also supports SUI staking and is one of the top-tier exchanges to list the Sui project NAVI.
Gains see SUI outpace leading coins
SUI’s 20% rally in the past 24 hours follows a 115% surge in September. The token also continued higher after a recent dip as Bitcoin (BTC) traded to above $63,700 and Ethereum (ETH) reclaimed $2,480.
Significantly, Suí’s price has climbed since it bottomed at approximately $0.53 on August 6. This rise has occurred concurrently with a significant surge in the total value locked. As per DeFiLlama data, the Suí Total Value Locked (TVL) currently stands at around $1.58 billion, positioning it as the ninth largest blockchain by TVL.
During the U.S. trading session on October 7th, I observed a significant breakthrough in price as bulls propelled the market above the $2 mark. The buying frenzy even led to a retest at $2.09. Notably, Sui, alongside NEIRO and MOG tokens, emerged as one of the day’s most impressive gainers.
The last time SUI broke from below $2, it reached its all-time high of $2.17 on March 27, 2024.
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2024-10-07 19:18