Solana

Crypto market has recently seen massive positive moves emanating from SUI price. The Layer-1 blockchain and smart contract platform finally outperformed Solana (SOL) in terms of total transactions. It has also had some interesting changes in its price. This marks the first time Sui has done it, according to data from on-chain analytics platform <a href="https://x.com/TradingCopter/status/1843197066811494789" target="_blank" rel="noopener nofollow">Trading Copter</a>. Sui logged 58.37 million transactions, roughly 23 million higher than Solana’s transaction amounts of 35.41 million. 
The transition took place from October 3 to October 5. On the other hand – October 3 Sui had less than 10 million transactions per day to over 40 million by Solana But in the meantime, Solana’s numbers have been cooling off, especially post October 4. 
<h2 id="strong-the-main-reasons-behind-sui-price-and-transaction-surge-strong">The Main Reasons Behind SUI Price and Transaction Surge</h2> 
The recent surge in SUI’s daily transactions is unusual and has caught the attention of the crypto community. This increase has also pushed up the price of SUI. While the SUI price is making progress, <a href="https://thebitjournal.com/solana-vs-ethereum-the-power-shift-in-the-financial-sector/" target="_blank" rel="noopener">Solana’</a>s daily transactions have stayed steady at around 40 million, rarely dropping below 35 million. In contrast, SUI price has never recorded more than 5 million daily transactions before this. So, this sudden flip surprised many in the market. 
<img decoding="async" class="aligncenter size-full wp-image-48982" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/Screenshot-2024-10-08-095743.png" alt="SUI Price chart" width="1478" height="626" title="SUI Price Pumps and Overtakes SOL in Total Transactions 7"> 
&nbsp; 
Solana has a reputation for speed and scalability, often ranking high in transaction volume. Seeing a newer blockchain like SUI surpass Solana suggests that SUI price is seeing unexpected growth and adoption. The recent rise in SUI’s price and daily transactions is thanks to several key developments on the blockchain. These include Sui’s new tech rollout, increased interest from institutions, and the surge in memecoin activity. 
Earlier this month, Sui introduced SCION, a new infrastructure designed to be a safer alternative to the Broader Gateway Protocol. This launch is aimed at tackling internet routing risks in the Web3 space. SCION focuses on improving network speed, security, and reliability. With these security concerns addressed, users feel more comfortable making transactions. The improved network stability has also led to a jump in daily transactions. 
<h2 id="strong-sui-price-market-cap-surge-following-grayscale-sui-trust-announcement-strong">SUI Price Market Cap Surge Following Grayscale SUI Trust Announcement</h2> 
Sui is starting to catch the attention of institutional investors, especially after the Grayscale SUI Trust launched in August 2024. This trust allows accredited investors to gain exposure to Sui, contributing to a rise in daily transactions. Meanwhile, the Sui ecosystem has seen a surge in <a href="https://thebitjournal.com/crypto-strategist-predicts-parabolic-rise-for-two-memecoins/" target="_blank" rel="noopener">memecoin</a> activity. Tokens like Sudeng, BLUB, and Fud The Pug have driven a wave of retail excitement. According to Coingecko, the SUI memecoin market has jumped 32% in just 24 hours, reaching a market cap of $316.8 million. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-48984" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/Screenshot-2024-10-08-095646.png" alt="SUI Price chart market cap" width="1463" height="617" title="SUI Price Pumps and Overtakes SOL in Total Transactions 8"> 
&nbsp; 
This growing interest in memecoins has helped boost transaction rates on the network. SUI price&nbsp;has continued to rise in staking since the rally of recent weeks pushed up its market value. It was the 28th largest cryptocurrency by market cap as of September. These days, however, Sui shoots up to the top 19 after its recent gains; having a market cap of about $5.7 billion. 
This has led the market analysts to feel optimistic about the impact of Sui as more traders and investors get interested. A significant growth of 18.52% over the last one day and price is increased to $2.09. If Sui can keep up the momentum, its market cap could easily make this one of the top 10 cryptocurrencies. The SOL community will be looking to bounce back in its total transaction record while the bull run season draws closer. Meanwhile Solana (SOL) is currently trading within the $142.96 range with $2,402,713,216 as its 24-hour trading volume.&nbsp; 
Stay in touch with <a href="https://thebitjournal.com/">TheBITJournal</a> follow on <a href="https://twitter.com/Thebitjournal_" rel="nofollow noopener" target="_blank">Twitter</a> and <a href="https://www.linkedin.com/company/the-bit-journal/" rel="nofollow noopener" target="_blank">LinkedIn</a>, and join the <a href="https://t.me/thebitjournal" rel="nofollow" target="_blank">Telegram</a> channel to be instantly informed about breaking news!

SUI Price Pumps and Overtakes SOL in Total Transactions

Table of Contents

The Bit Journal

Other articles published on Oct 8, 2024

Chinese Pepe Solana Memecoin to Explode 19,000% Before Exchange Listing, As Shiba Inu and DOGE Lag

Will the Fed Cut Interest Rates Soon?

Crypto.com Sues SEC Over Regulatory Disputes

Polymarket Considering Token Launch Amidst New $50M Fundraising Talks: Report

Crypto Trader Earns $1 Million in Swing Trades with $POPCAT

Bitcoin Miners’ Revenues Decline for the Third Month in a Row: CEOs Speak Out

Join our free newsletter for daily crypto updates!