Sui (SUI) price is currently on a bullish momentum, skyrocketing by 16% in just 24 hours. The surge in the coin comes amid a recent announcement from Grayscale Investments regarding its SUI Trust. With the current positive trend on SUI, market participants are raising questions if the token is on its way to $2.
SUI Price Leading Altcoin Rally
SUI price is currently ranked the 28th-largest cryptocurrency by market cap, outpacing Ethereum Classic (ETC). Its market capitalization is now $2,775,946,128. It is a notable increase from the previous day’s $2.37 billion.
At press time, the SUI price was trading at $1.04. It presented a surge of 16.05% in the past 24 hours, according to current market data. In the past seven days, SUI’s price increased by 27%. The trading volume also jumped by 102% in the last 24 hours to $494,962,186.
Market data shows that SUI reached a circulating supply of 2.67 billion tokens from a total supply of 10 billion. Likewise, SUI’s price is moving within a downward parallel channel after a major pump, which can be termed a “Bull Flag.”
The positive momentum in the Sui Network has pushed its native token, SUI, to become the biggest gainer in the ongoing altcoin rally. Other popular cryptocurrencies, including Ethereum (ETH), Solana (SOL), and XRP, saw smaller percentage increases in price than SUI. In the last 24 hours, ETH, SOL, and XRP recorded increases of 0.8%, 2.2%, and 0.6% respectively.
Grayscale SUI Trust Available to Accredited Creditors
This positive outlook for SUI follows an announcement from asset manager Grayscale Investments. The asset manager revealed on Wednesday that its recently launched SUI Trust is now available to accredited investors eager to invest in SUI.
According to Grayscale, the SUI Trust is one of the first securities solely invested in and deriving value from the price of SUI. Grayscale launched the SUI Trust alongside the Bittensor Trust in August, offering qualified investors exposure to various cryptocurrencies.
Grayscale’s SUI Trust currently manages $892,213.45 in assets, with each share representing 14.95 SUI.
The shares based on SUI per Share are designed to track the SUI market price with reduced fees and expenses. The Trust allows investors to gain exposure to SUI as a security while avoiding the challenges of directly buying, storing, and safekeeping SUI.
Recent SUI Ecosystem Updates and Price Predictions
Sui is a layer-1 blockchain designed to facilitate faster deployment of smart contracts and enhance transaction speeds. The Sui mainnet went live in May 2023, and the network has performed crucial updates.
On September 1, the Sui Network scheduled a token unlock event to release SUI tokens worth approximately $54 million into circulation. Before this event, 2.6 billion SUI have been unlocked, representing 26% of the total token supply. The intention behind the unlock was to enhance liquidity and support various onchain activities on the network.
Meanwhile, the Sui network has recently gained popularity among analysts and traders. Renowned crypto analyst Bmoon on X has set a price target of $3.6 for SUI in the fourth quarter of 2024.
