Total transactions on Sui Network have surpassed Ethereum, coming in at 2.58 billion on November 6, 2024. As DeFi adoption continues to grow, CETUS Protocol has made huge exportation, becoming the first Sui-based Binance-listed token bringing some visibility and credibility.
Sui Flips Ethereum in Total Transactions, Signals Rapid Network Growth
Sui Network surpassed Ethereum in terms of total transactions. The data states that Sui transacted 2.58 billion on November 6, 2024, just past Ethereum’s 2.57 billion.
The existence of a crossover between Sui Network’s usage and transaction volume and Ethereum indicates that Sui Network, despite being a relatively newer blockchain, is growing quickly in the pace of usage and number of transactions.
Transaction count is no doubt the graph where Sui’s upward trajectory is super steep. However, more specifically, in recent months its climb has accelerated by an order of magnitude to outpace Ethereum.
The fact that this has happened is being taken as a sign of increased adoption, given lower fees, faster transaction speeds, or the way in which certain applications are driving usage of the Sui blockchain.
This is a defining moment in the blockchain ecosystem. Sui can be considered as a viable alternative to Ethereum in terms of transaction volume. This achievement helps Sui’s visibility in the market and attracts the developers and users to the platform.
Sui DeFi Gains Momentum as Cetus Protocol Debuts on Binance
It’s a big step forward for Sui Network to be the first ‘move blockchain’ with a protocol token, CETUS Protocol, listed on Binance.
Notably, it’s the first protocol token given that Aptos, another big blockchain that has been around for two years. And It isn’t anywhere near this kind of listing milestone.
Coming on board with the CETUS listing means a strong endorsement by Binance of the Sui ecosystem. The ecosystem is growing to become a stronghold for decentralized finance.
The last 24 hours have seen CETUS price surge by 62.6% and currently sits at $177.9m. The 24-hour trading volume is at $419.13m.
The execution of the Binance listing also resulted in additional interest in CETUS. This boosts the amount of visibility for the Sui network as a whole.
Reportedly, Sui is gaining pace and might be ahead of Aptos in terms of DeFi development and adoption. Sui’s DeFi ecosystem might grab the lead in the current growth and fame.
Technical Analysis Shows: $2.3 is a Pivotal Level for SUI This Week
As Sui marches upward on the daily chart, there’s bullish momentum, where the token trades at the price of $2.3265. This level exhibits a strong price foundation with an expected upside price target of $4.00. That is a gain of 70.53% from the present price.
Backing this bullish opinion, the Accumulation/Distribution line shows that there has been a consistent buy interest in the currency at 344.967 million points.
Furthermore, the Awesome Oscillator scored 0.0479, which is pretty close to a zero, but gave the series of reds a break with two green ones. With this in place, it indicates a trend toward greater bullish momentum, which will help push the price towards the $4.00 target.
