The price of Sui (SUI) has skyrocketed by a staggering 15% within a 24-hour period. As of today, the live SUI price stands at $0.693408, with a trading volume of $390,033,326 USD. The remarkable surge has propelled the project to the 81st position in the market rankings, boasting a live market cap of $418,851,275 USD at press time.
Bitcoin (BTC), the most popular cryptocurrency, also managed to overcome a brief slump and surpass the $26,000 mark early Tuesday. This resurgence had a positive impact on various altcoins, including Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Solana (SOL), as they all experienced slight gains. However, it was SUI that emerged as the standout performer.
Why is SUI going up?
Although the exact catalyst behind SUI’s rapid price increase remains unclear, there has been recent news of a multi-year partnership between SUI and the world-renowned Formula One team, Oracle Red Bull Racing. This collaboration has brought about excitement in the crypto community, as the blockchain network plans to introduce a series of digital experiences for racing enthusiasts in the coming months.
Fans will have the opportunity to engage with Oracle Red Bull Racing through a range of immersive digital experiences.
The SUI network has also revealed its plans to implement liquid staking, an innovative feature that will significantly enhance the capabilities of the platform. Through the SIP #6 protocol update, developers will be able to create liquid staking with ease. This update allows users to earn rewards on their staked assets while still utilizing them for other purposes.
📣Coming soon: enabling liquid staking in Sui.
Developers will be able to build liquid staking with the SIP 6 protocol update.https://t.co/cY4pWZxMDq pic.twitter.com/0gBbhxiTPP
— Sui (@SuiNetwork) June 10, 2023
Moreover, the integration of liquid staking introduces greater flexibility and accessibility, ultimately enhancing the overall user experience within the project’s ecosystem. The community eagerly anticipates the possibilities this advancement will unlock for DeFi applications.
The recent SUI token listings on renowned exchanges such as Binance and KuCoin have further contributed to its meteoric rise.
Gaining Traction for Good Reasons
SUI, also known as the “Ethereum Killer,” continues to garner attention for its focus on smart contracts and technological developments. Its rising popularity is attributed to several key factors. Scalability plays a crucial role, as the blockchain is designed to handle millions of transactions per second, making it suitable for high-throughput applications like decentralized finance (DeFi) and gaming.
Its adoption of a secure proof-of-stake consensus mechanism adds to its appeal, as it avoids the competition for blocks that can potentially lead to centralization.
Aside from its technical prowess, the SUI blockchain is gaining traction due to its burgeoning community and strategic partnerships. The team’s efforts to foster a strong community have yielded positive results, attracting major partners such as Binance and Huobi.
