SUI price up 17%, breaks $2 mark as Bybit adds it to Launchpool

The price of Sui (SUI) has surged over 17% in the past 24 hours, breaking the crucial $2 mark for the first time in six months.

This bullish trend is largely attributed to positive news from the crypto exchange Bybit, which announced its support for SUI as a native ecosystem pool token on October 7.

Bybit’s decision to include SUI in its Launchpool coincides with the token’s remarkable value increase, which has seen SUI rally by more than 140.7% in thirty days.

Growing SUI ecosystem

This latest development comes as the market gears up for a busy week in the macroeconomic landscape.

Analysts suggest that the uptick in SUI’s price could be a response to weak hands exiting their positions after last week’s geopolitical-induced sell-off.

In addition to the Bybit news, the overall market has been witnessing a robust recovery, with Bitcoin trading above $63,821 and Ethereum reclaiming the $2,480 mark.

SUI’s impressive performance is further evidenced by its total value locked (TVL), which has reached $1.58 billion, making it the ninth-largest chain by TVL.

This growth is significant considering that the token had previously bottomed at around $0.53 on August 6.

Moreover, SUI’s daily transaction volume has skyrocketed by 115%, indicating increased demand and strong potential for further upward movement.

If this momentum continues, analysts predict that SUI could surpass its previous all-time high of $2.18 and possibly reach $2.30.

The Sui ecosystem has also seen a surge in its meme coin market, with tokens like Sudeng (HIPPO) increasing by 165% in a week and aaa cat (AAA) skyrocketing by 370%.

This bullish sentiment across the ecosystem has translated into significant Open Interest (OI) for SUI, which has climbed to $827.69 million, signaling growing market liquidity.

Notably, SUI has outperformed Solana (SOL) in various aspects, including transaction counts and throughput.

On October 7, Sui executed over 5.2 billion transactions compared to Solana’s 35 million, showcasing its growing adoption.

The SUI network also has an impressive throughput of 756 transactions per second, eclipsing Solana’s 726 tps.

Furthermore, SUI’s average transaction fee stands at $0.00018, making it a cheaper alternative compared to Solana’s $0.0044.

The excitement surrounding SUI is palpable, as evidenced by the recent rise in the SUI/SOL ratio, which has surged 200% from 0.003 to 0.013 since August.

Although Solana’s total value locked remains higher at $5.5 billion, the recent traction in SUI suggests that it may be on a path to challenge Solana’s dominance.

With the momentum building, the future looks bright for Sui as it continues to carve out its niche in the ever-evolving cryptocurrency landscape.

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