Sui Price Blasts Up 35% After $400 Million Inflow – Is $10 on the Cards?
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
Up-and-coming finance-focused layer-1 blockchain protocol Sui (SUI) has been blasting higher recently, with the SUI price gaining 35% in the past seven days to hit $1.18, per CoinMarketCap data.
The surge in the Sui price comes as the blockchain experiences a massive surge in crypto asset inflows.
According to DeFi Llama, Sui’s total value locked (TLV) in smart contracts was last around $740 million, up $400 million from early August lows of around $340 million.
TVL refers to the USD-denominated value of crypto assets locked in smart contracts on a blockchain.
A rising TVL is a sign that a blockchain is benefitting from increased adoption.
Sui adoption is likely to continue surging. Circle’s native USD stablecoin, USDC,will soon arrive on the blockchain, substantially enhancing its utility for crypto users.
Per an announcement on X, Circle announced that Sui would soon be added to the Cross-Chain Transfer Protocol.
1/
Read more on cryptonews.com
