SUI became one of the biggest gainers among the top cryptocurrencies in terms of market cap around the world. As of September 12, 2024, it had gained 27% in a week, bringing the value to $1.02. It increased by 13% over the next 24 hours. The token experienced a cumulative surge that began on September 3, 2024. An intraday high of 15% was also recorded on September 12, when the price jumped from $0.9274 to $1.07.
However, it has prompted concerns about the sustainability of SUI’s growth. Many believe that the increase in its value is short-lived and could eventually find its way back to a lower mark, or probably slow down.
Although the future of SUI is uncertain, a few recent developments have maintained traders’ interest in the token. For starters, Grayscale launched SUI Trust on September 12, 2024, with the objective of enabling investors to gain exposure to the token. Crypto Banter, a commentator on the market, said that the interest and ongoing rise in the value of SUI was largely because of Grayscale SUI Trust, adding that it has attracted attention in a large size by fueling the demand.
Its outcomes are readily apparent. SUI has experienced a 24.06% increase in the past 7 days at the time of articulating this piece. It further reflects a surge of 0.33% in the last 24 hours and 7.76% in the last 30 days.
Grayscale announced the launch of SUI Trust on X, stating that it was open to all accredited investors looking for exposure to the associated token, which is a third generation blockchain designed to address issues such as scalability and transaction costs.
Another reason investors are interested in SUI is because of its near-term projections.
It is anticipated that the surge will exceed 200% within the next 30 days. It will increase the value of SUI to around $3.38. A target that is considered to be aggressive is $2.58. The targets are easily surpassed by the near-term projections.
SUI was last recorded to have a Total Value Locked of more than $711 million. This was reported via data by DefiLlama. The TVL rose by more than 2 times over a month to reflect a rise of 107.5% between August 5, 2024, and September 12, 2024. The trend indicates that there has been an increase in network activity, and the confidence in the ecosystem is stronger than before. It is next expected to facilitate the demand for SUI, which will drive the price to a higher mark.
Grayscale’s SUI Trust launch has paved the way for its ETF investment vehicle. Grayscale has also launched XRP Trust with a similar intention. There is a possibility that it is aiming to have two different ETFs on the market as soon as possible.