Ethereum

bullish

Ethereum Classic

Coin

<p>Sui (<a href="https://docs.google.com/document/d/1sJ_F1_Tuv4nuZfI9YFYGA54d-PUWSmx3Y62s_FvstV4/edit?usp=sharing" rel="noopener noreferrer nofollow">SUI</a>) price is currently on a bullish momentum, skyrocketing by 16% in just 24 hours. The surge in the coin comes amid a recent&nbsp;announcement&nbsp;from Grayscale Investments regarding its SUI Trust. With the current positive trend on SUI, market participants are raising questions if the token is on its way to $2.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Grayscale Sui Trust is open to eligible accredited investors seeking exposure to <a href="https://twitter.com/search?q=%24SUI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SUI</a>, a third-generation blockchain designed to help address scalability and transaction costs.<br><br>Click below to learn more about Grayscale Sui Trust or reach out to us: <a href="https://t.co/WgCAFA7E8L" rel="noopener noreferrer nofollow">https://t.co/WgCAFA7E8L</a> <a href="https://t.co/gic7kJDzF6" rel="noopener noreferrer nofollow">pic.twitter.com/gic7kJDzF6</a></p>— Grayscale (@Grayscale) <a href="https://twitter.com/Grayscale/status/1833898477564395833?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 11, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-sui-price-leading-altcoin-rally"><strong>SUI Price Leading Altcoin Rally</strong></h2>
<p><a href="https://www.thecoinrepublic.com/price-prediction/sui/" rel="noopener noreferrer nofollow">SUI price</a>&nbsp;is currently ranked the 28th-largest cryptocurrency by market cap, outpacing Ethereum Classic (ETC). Its market capitalization is now $2,775,946,128. It is a notable increase from the previous day’s $2.37 billion.</p>
<p>At press time, the SUI price was trading at $1.04. It presented a surge of 16.05% in the past 24 hours, according to current market data. In the past seven days, SUI’s price increased by 27%. The trading volume also jumped by 102% in the last 24 hours to $494,962,186.</p>
<p>Market data shows that SUI reached a circulating supply of 2.67 billion tokens from a total supply of 10 billion. Likewise, SUI’s price is moving within a downward parallel channel after a major pump, which can be termed a “Bull Flag.”</p>
<p>The positive momentum in the Sui Network has pushed its native token, SUI, to become the biggest gainer in the ongoing altcoin rally. Other popular cryptocurrencies, including Ethereum (ETH), Solana (SOL), and XRP, saw smaller percentage increases in price than SUI. In the last 24 hours, ETH, SOL, and XRP recorded increases of 0.8%, 2.2%, and 0.6% respectively.</p>
<h2 class="wp-block-heading" id="h-grayscale-sui-trust-available-to-accredited-creditors"><strong>Grayscale SUI Trust Available to Accredited Creditors</strong></h2>
<p>This positive outlook for SUI follows an announcement from asset manager Grayscale Investments. The asset manager revealed on Wednesday that its recently launched SUI Trust is now available to accredited investors eager to invest in SUI.</p>
<p>According to Grayscale, the SUI Trust is one of the first securities solely invested in and deriving value from the price of SUI. Grayscale launched the SUI Trust alongside the Bittensor Trust in August, offering qualified investors exposure to various cryptocurrencies.</p>
<p>Grayscale’s SUI Trust currently manages $892,213.45 in assets, with each share representing 14.95 SUI.</p>
<p>The shares based on SUI per Share are designed to track the SUI market price with reduced fees and expenses. The Trust allows investors to gain exposure to SUI as a security while avoiding the challenges of directly buying, storing, and safekeeping SUI.</p>
<h2 class="wp-block-heading" id="h-recent-sui-ecosystem-updates-and-price-predictions"><strong>Recent SUI Ecosystem Updates and Price Predictions</strong></h2>
<p>Sui is a layer-1 blockchain designed to facilitate faster deployment of smart contracts and enhance transaction speeds. The Sui mainnet went live in May 2023, and the network has performed crucial updates.</p>
<p>On September 1, the Sui Network scheduled a&nbsp;<a href="https://www.thecoinrepublic.com/2024/08/29/sui-network-to-unlock-54-million-tokens-heres-likely-impact-on-sui/" rel="noopener noreferrer nofollow">token unlock event</a>&nbsp;to release SUI tokens worth approximately $54 million into circulation. Before this event, 2.6 billion SUI have been unlocked, representing 26% of the total token supply. The intention behind the unlock was to enhance liquidity and support various onchain activities on the network.</p>
<p>Meanwhile, the Sui network has recently gained popularity among analysts and traders. Renowned crypto analyst Bmoon on X has set a&nbsp;<a href="https://www.thecoinrepublic.com/2024/09/11/sui-price-to-take-a-u-turn-analysts-predict-bullish-momentum/" rel="noopener noreferrer nofollow">price target of $3.6 for SUI</a>&nbsp;in the fourth quarter of 2024.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/09/12/sui-price-skyrockets-16-on-grayscale-boost-road-to-2/" rel="noopener noreferrer nofollow">SUI Price Skyrockets 16% On Grayscale Boost, Road To $2?</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

SUI Price Skyrockets 16% On Grayscale Boost, Road To $2?

Table of Contents

Thecoinrepublic.com

Other articles published on Sep 12, 2024

Geoff Kendrick Predicts Bitcoin Price Surge Following 2024 U.S. Presidential Elections

Memecoin Bull Run: Dogecoin, Shiba Inu, Pepe Lead the Charge

Fasqon: A Universal Platform for Secure Finance and Communications Amid Regulatory Pressure

a16z Crypto Selects 21 Startups for Fall 2024 Accelerator Cohort

Ride-hailing platform TADA launches Telegram mini app, enabling bookings in TON or USDT

Unlock Crypto Rewards: Top 5 Telegram Tap-to-Earn Games You Need to Know

Join our free newsletter for daily crypto updates!