Layer-1 blockchain network Sui has become the standout performer in the crypto market after a more than 2x rise in value this year.
According to CryptoSlate data, Sui's native token is up roughly 185% year-to-date, reaching an all-time high of over $2.2.
The remarkable price performance has positioned Sui among the top 15 cryptocurrencies by market capitalization, solidifying its reputation as one of the most promising blockchains of 2024.
This growth outpaces both Toncoin's 124% gain and the broader crypto market's 37% expansion. Even Bitcoin's 53% rise pales in comparison.
Several factors are contributing to Sui's impressive rise, including the expansion of its DeFi ecosystem and its growing stablecoin market.
According to DeFillama data, weekly DEX volumes have surged around 50% to $$1.45 billion, while the network's total value locked has also reached the same value. This growth, driven by memecoin speculation and USDC launching on the network, has solidified Sui's position among the top 10 blockchains by TVL.
Observers also noted that institutional interest in the digital asset has fueled its ascent. Grayscale's launch of a Sui-focused investment trust signals growing confidence in the platform's potential.
If Sui's growth continues, market analysts believe it could challenge established players like Solana and Ethereum in the coming months.
VanEck pointed out Sui's object-based architecture as a critical advantage. This innovative design offers improved performance over competitors like Solana and Ethereum, potentially positioning Sui as a frontrunner in the Layer-1 race.
K33's David Zimmerman emphasized Sui's recent gains, cutting-edge architecture, and upcoming game console as factors that could cement its status as a leading alternative Layer-1 blockchain.
Despite its stellar performance, certain sales made by ICO wallets have caused concerns about insider trading in the community.