SUI Price Skyrockets 70% – Is It on Track to Surpass Solana?
The price of the $SUI token underpinning the Sui Network, a layer 1 Ethereum competitor, blasted up by 70% in the last week, posting the single largest intra-week gains for any of the 100 biggest cryptocurrencies.
Those blistering gains are cooling off now, though. In the last 24 hours, $SUI has fallen about 7%.
Still, the Sui Network token’s overall performance has been far more volatile (and for its holders, exciting), that market leaders Bitcoin ($BTC), Ethereum ($ETH) and Solana ($SOL).
Bitcoin only added 6.6% in the last week, while losing 1.4% in the last 24 hours. Meanwhile, Ethereum, the leading network for blockchain-based commerce, added 7.3% over the week and lost 0.8% overnight.
With a market cap of $2.5 billion, $SUI is unlikely to unseat Solana’s $67.6 billion market cap $SOL as the leading Ethereum competitor.
Some of $SUI’s explosive rally this last week can be attributed to news that digital asset management giant Grayscale has added a Sui Network trust to its suite of investment products.
Like Solana and Ethereum, Sui Network is deploys high-functionality smart contracts, enabling developers to build a world of decentralized applications (dApps) offering services ranging from financial services to gaming.
However, Sui’s USP is that it processes transactions a lot faster than Ethereum. While Ethereum has a maximum theoretical throughput of 119 transactions per second (tps), Sui’s developers say it is capable of achieving a staggering 297,000, thanks to its ability to process multiple transactions simultaneously.
Despite its promise, according to recent performance on the price chart, Sui Network’s support level has been falling steadily throughout the year-to-date and was dragged down significantly by last
Read more on cryptonews.com
