 activity, pushing its price close to $2.){kind=link}
In the past few weeks especially, the SUI token has become a darling among many investors in the cryptocurrency universe. This firm remains a rather recent entrant in the blockchain market but has shown unprecedented growth throughout the four quadrants of its vertical.
Explosive Growth in Memecoin Sector and DeFi Maturation
In the past months alone, the price of the SUI cryptocurrency has soared up 111 percent. This impressive growth propelled the token’s price to close to $2, tantalizingly near an all time high.
The rise of SUI’s value has created a stir within the crypto community and investors alike, with investors becoming once more interested in the ecosystem of the platform.
The explosive growth in SUI’s memecoin sector appears to be the biggest driver of this bullish trend. Notable performers here include AAA, which increased at speeds of 430% in one week, or Sudeng, which managed to pump 35% in a single day.
The total value of memecoin SUI’s market has grown to an impressive $256 million because of these eye-catching gains. While SUI’s price has skyrocketed during this memecoin mania, so too has in total the number of users and liquidity on the platform.
While memecoins continue to get headlines, SUI’s DeFi space is also proving itself to be growing and maturing. SUI’s DeFi protocols have accumulated $1 billion in Total Value Locked (TVL), an increase of 63% on the current figure.
This increase in TVL shows that there is faith placed in the SUI DeFi ecosystem and that the platform is drawing serious investors outside the relatively nascent speculative memecoin market. With SUI growing its infrastructure and enticing more projects in, it appears to be positioning itself as a serious player in the more general cryptocurrency space.
Current Market Statistics and Recent Performance
Sui (SUI) price is currently trading at $1.72 with a 24 hour trading volume of $935,303,831. This is a little lower when compared to the past 24 hours, seeing a 2.46% decrease, but on a 7 day time frame, SUI saw a 5.99% increase in price. SUI tokens are available in circulating supply of 2.8billion, pushing up the market capitalization to a very large $4,765,752,489.
The figures attest to the high level of interest and action around the SUI token. The short term price fluctuation notwithstanding, the weekly gain and trading volume point to sustained investors interest.
Since it has a substantial market cap, it will also cement into a significant player in the cryptocurrency market and will reflect on the growing confidence in its ecosystem as well as the expectation of future growth of this ecosystem.
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Sui Reaches $900M TVL Milestone As SUI Token Surges In Value