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News

Grayscale Sui Trust Launch Drives SUI Performance Soar Over 300%

September 24, 2024 - Around 2 mins mins to read

Key Points:

  • Following the launch of the Grayscale Sui Trust, SUI’s daily trading volume exceeded $800 million, with its price doubling to a peak of $1.1 within a week.
  • The trust’s opening to accredited investors has bolstered SUI’s market credibility and attracted significant interest from institutional investors.
According to OKX Ventures, the SUI token has just surpassed $800 million in daily trading volume, days after the Grayscale Sui Trust was opened for accredited investors.
Grayscale Sui Trust Launch Drives SUI Performance Soar Over 300%

Read more: Grayscale XRP Trust Is Now Launched for Accredited Investors 

Grayscale Sui Trust Boosts SUI Trading Volume

Also included in Grayscale’s latest suite, announced on August 7, is the Grayscale Bittensor Trust. The Grayscale Sui Trust is particularly significant because it’s the sole investment product dedicated to SUI. That makes the Grayscale Sui Trust the second Layer 1 blockchain-focused investment product, after similarly successful launches for Bitcoin, Ethereum, Solana and Filecoin.

Following the announcement by the trust, SUI’s price has been in a fantastic boom, doubling within a week to $1.10. This spectacular rise has given birth to discussions of Sui emulating Solana in the last market cycle, speculating it as the point of its big breakthroughs.

Sui Ecosystem Booms under the Momentary Spotlight: Is It a Strong Contender in Layer 1?

The launch of the Grayscale Sui Trust not only added to SUI’s market credibility but also attracted institutional investors’ interest. Indeed, on-chain metrics reflect this growing interest, considering the TVL in the Sui ecosystem has reached $1.15 billion. This is a 377% increase year-to-date and up 47% from last month.

If anything, the latest jump in the performance of SUI is mostly due to endorsement by Grayscale, along with the extremely fast expansion of the Sui ecosystem. Since several new entrants have come into both the Layer 1 and Layer 2 segments, the competition has started to increase. However, the recent performance of Sui indicates that it may be well-placed in such a market.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.