SUI Network announced a significant milestone, a new 24-hour record for DEX volume at $555 million. The network also highlighted that, for the first time, Sui had entered the top five blockchains by 24-hour trading volume. This achievement reflects the increasing adoption of the Layer-1 blockchain and its native token, SUI.
Key Drivers Behind SUI’s Surge
The SUI token has experienced a sharp rise in the past 24 hours, reaching a new all-time high of $4.91 during early trading on Thursday.
Although its value has dipped by 3%, SUI has maintained a notable 7% increase over the past week. This price movement makes it one of the top gainers in the cryptocurrency market, showcasing its robust momentum.
One of the primary factors fueling SUI’s recent performance is Wednesday’s announcement of Backpack’s integration with the Sui blockchain.
Backpack, known for enhancing blockchain accessibility, has added significant value to the Sui ecosystem by broadening its usability and appeal among developers and users.
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Additionally, Bitget Wallet, a leading Web3 non-custodial wallet, has revealed its integration with Cetus, a decentralized exchange (DEX) and liquidity protocol on the Sui blockchain.
This integration allows Bitget Wallet users to seamlessly trade SUI tokens through the Swap function, ensuring enhanced liquidity and a smoother trading experience. These strategic developments have significantly contributed to the network’s increased activity and adoption.
A Growing Force in the Blockchain Space
Since its launch in May 2023, SUI’s trading volumes were modest as traders explored the new platform and familiarized themselves with its potential. However, the recent surge in trading activity has positioned SUI as a formidable player in the crypto space.
The blockchain’s innovative features and strong partnerships have paved the way for increased adoption and record-breaking milestones.
The $555 million DEX volume achieved within 24 hours highlights the blockchain’s growing relevance in the DeFi landscape. With this performance, SUI has made its debut in the top five blockchains by 24-hour trading volume, a remarkable feat for a relatively new entrant.
What’s Next for SUI?
As the Sui ecosystem continues to expand, its future appears promising. The continued development of partnerships and ecosystem enhancements could further solidify SUI’s position in the market.
While the recent price surge has captured attention, it remains to be seen how the token will perform in the long term. For now, SUI’s achievements reflect its growing potential and the blockchain’s ability to make waves in a competitive market.
With an eye-catching $555 million DEX volume and increasing adoption, Sui Network is rapidly establishing itself as a noteworthy contender in the crypto world. Its momentum could signal a brighter future for both the blockchain and its native token, SUI.
Also Read: SUI Price Down 5% Despite SUI Network’s Total DEX Volume Breaks $35 Billion Mark