$SUI, the Sui blockchain’s native crypto token, has recently seen a remarkable surge of 60% over the past seven days. As per the data from Lookonchain, the massive surge in $SUI’s price has been led by the aggressive on-chain activity along with a growing investor interest. The on-chain analytics provider took to social media to provide the details of $SUI’s latest bullish outlook.
$SUI Spikes by 60% over 7 Days While TVL Records a 38% Leap
The huge 60% rise in the price of $SUI is a milestone that is the result of several positive advancements. One of the key developments includes the swift spike in the Sui network’s total value locked (TVL). In this respect, its TVL has increased by 38% over the past week, touching the latest high level of $1.645B. This TVL surge denotes the mounting confidence in the DeFi protocols of the platforms.
In addition to this, the TVL boost also points out the inclusion of more consumers into the Sui ecosystem. Apart from that, the Sui network’s decentralized exchange activity has also witnessed notable increase. The regular DEX trading volume of Sui currently accounts for $599M. This signifies an enormous 177% spike in the platform’s liquidity, likely triggered by latest project releases, wider market momentum, and token incentives. Moreover, over the past couple of months, the Sui’s stablecoin value has surged from $482M to $879M, showing an 82% jump.
Driving Position in DeFi Sector to Grow Adoption
According to Lookonchain, these developments have jointly contributed to the 60% surge in the price of the $SUI token. Simultaneously, the Sui ecosystem is making continuous efforts to become the top player in the smart contract and DeFi sectors. Particularly, the rising price and TVL underscore the key developments that could lead it to further adoption.
