Over the past seven days, SUI has emerged as the top performer in the cryptocurrency market, recording a massive 78% price increase. This surge places SUI in the top 100 cryptocurrencies by market cap, significantly outperforming its peers, Helium (HNT) with a 60% increase and Bittensor (TAO) with a 50% increase.
Why did the SUI rise last week?
Andrew Kang, founder of Mechanism Capital, provided insights into SUI’s recent success in a series of posts on X. Kang suggested that the uptrend can be attributed to several factors including high-profile endorsements from influential figures, large over-the-counter (OTC) bids, strong ownership even after significant tokens are unlocked, and a recent technical upgrade that could pave the way for innovative applications on the SUI platform.
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“I don’t know anything that’s actually happening, but a combination of the following leads me to bet that there are some interesting developments coming for SUI,” Kang said. It was published.He cited several indicators that support his bullish outlook: “1. Raul Pal’s string of promotions while on the advisory board 2. Large OTC offerings 3. Relatively strong holders with large open positions 4. Aggressive price action without pullback 5. A significant recent performance upgrade with Mysiceti that could allow for new and interesting applications.”
These points together point to a buoyant market sentiment and strong support from influential players in the market. In a later post, Kang touched on the promotional strategies surrounding SUI, noting that “many people comment that they are giving grants to people to promote. If that is true, that is positive.”
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Raoul Pal, mentioned above, is Founder/CEO of Global Macro Investor and RealVision and a member of the Sui Foundation Advisory Board, to praise Developed as a “super-fast, super-efficient, L1 blockchain-based integrated ecosystem” from the remains of Meta’s Diem project, SUI aims to scale to accommodate billions of users moving from Web2 to Web3 technologies.
From a technical perspective, he added, “SUI is starting to look very interesting from a price perspective, although it is still early and uncertain, it is showing signs of outperforming most tokens,” Pal noted. This includes comparisons to Aptos (another MOVE L1 project), Avalanche (AVAX), Tia (TIA), Near Protocol (NEAR), Bitcoin (BTC), and Solana (SOL).”
The week also saw institutional support that further strengthened SUI’s position in the market. Grayscale, a leading crypto asset manager, announced the launch of the Grayscale Sui Trust. This new fund is dedicated exclusively to SUI, providing accredited individual and institutional investors with a regulated vehicle to invest in this rising cryptocurrency.
“We are excited to add Bittensor and Sui to our product suite, and believe Sui is redefining blockchain for smart contracts.” Stated Rehana Sharif Askari, Head of Product and Research at Grayscale.
At the time of publishing this report, SUI stock was trading at $0.9149.
Featured image from Chainwire, chart from TradingView.com