The Sui Network, a layer 1 blockchain, has achieved a significant milestone, resulting in a 10% surge in the price of its native token, SUI, over the past 24 hours. This achievement comes as the blockchain surpasses 1 million active daily wallets, driven by a bullish market trend and heightened adoption.
BREAKING NEWS : @SuiNetwork cracks 1 Million daily active wallets. source : https://t.co/MRcPj3b2Uv pic.twitter.com/cMU2TyQpbr
— Adeniyi.sui (@EmanAbio) May 20, 2024
Recently, there has been a significant increase in activity on the Sui network, which is reflected in its rising price, wallet count, and transaction volume. On-chain data shows that the number of active wallets has reached 1.06 million, steadily climbing from much lower figures earlier this month. This growth has sparked excitement among cryptocurrency enthusiasts, who attribute the network’s increased activity to the prevailing bullish market sentiments. As a result, both decentralized finance (DeFi) and layer 1 activities have experienced substantial growth this month.
Sui Network Overtakes the Market
The recent surge in SUI’s price underscores significant upward momentum. At the time of writing, SUI has risen by over 10% to $1.14, boosting its market capitalization to $2.66 billion with daily trading volumes exceeding $200 million. This impressive price increase is driven by a 75% surge in trading volumes, reflecting substantial gains for the asset.
As more individuals turn to digital assets and seek innovative financial solutions, the Sui Network is well-positioned for sustained growth. The network’s secure and reliable ecosystem for managing digital assets has earned the trust of millions of users globally. This trust is vital for fostering a thriving blockchain community and driving further adoption and innovation.
Sui Network has outperformed major blockchains and utility tokens regarding daily price gains and network activity. While the broader crypto market saw modest gains today—Bitcoin and Ethereum rose by 2.5% and 2.2%, respectively—Sui Network’s performance was significantly better. Among the top 10 assets by market capitalization, Solana experienced the highest inflows with a 6.3% increase, pushing its price to $180. However, Solana’s growth still lags behind Sui Network’s, which has seen a substantial increase in user wallets.
