Layer-1 Blockchain Sui Witnesses Impressive 2x Surge in Recent Week, Surpassing Leading Altcoins
Sui, a notable layer-1 blockchain network, has witnessed remarkable growth lately, with its valuation more than doubling from its recent lows. Beginning at $0.45 on August 5th, SUI skyrocketed to $1.12 early Monday morning, showcasing an impressive surge of 148% in just seven days.
In May, Sui witnessed the introduction of 1.04 billion SUI tokens, amounting to 10.4% of the total supply of 10 billion and 39% of the market capitalization at that time. Sequential unlocks in June, July, and August constituted 0.87%, 0.86%, and 0.84% of the total supply, respectively. Further token releases are planned on a monthly basis until 2023, gradually diminishing in size over the vesting period.
Renowned investor and Real Vision founder Raoul Pal, associated with the Sui Foundation, has expressed positivity regarding Sui’s future performance compared to other layer-1 networks like Solana (SOL). Despite apprehensions surrounding token unlocks and valuation, Pal is confident in SUI’s ability to outperform its competitors in the long haul.
Pal stressed the significance of demand relative to supply in determining the coin’s valuation, highlighting that while SUI might have a high Fully Diluted Valuation (FDV), its price movement reflects its growth potential. As of the current moment, SUI is being traded at $1.07.
To sum up, the recent upsurge in Sui’s value underscores its potential as an attractive investment avenue in the blockchain realm. Despite initial reservations, experts project that SUI’s growth trajectory will continue to surpass other leading altcoins, establishing it as a key contender in the ever-evolving digital asset domain. Stay updated on the latest cryptocurrency market developments by subscribing for more insights.
