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SUI token price surged by 19% after the Grayscale Sui Trust opened to accredited investors, with daily trading volume reaching $494 million.
According to CoinGecko, the price of Sui (SUI) rose from $0.869885 to $1.04 in the last 24 hours.
On September 11th, it was reported that Grayscale opened Sui Trust to accredited investors, which triggered the growth of this token.
Grayscale Sui Trust is open to eligible accredited investors seeking exposure to $SUI, a third-generation blockchain designed to help address scalability and transaction costs.
Click below to learn more about Grayscale Sui Trust or reach out to us: https://t.co/WgCAFA7E8L pic.twitter.com/gic7kJDzF6
— Grayscale (@Grayscale) September 11, 2024
SUI Token Trading Volume Surpasses Meme Coin PEPE
Amid the news, the daily trading volume of the SUI token increased significantly. According to Binance, this number reached $494.27 million.
Thus, SUI has surpassed PEPE, which had a trading volume of $451.22 million in the last 24 hours.
At the same time, PEPE was the growth leader in terms of trading volume among meme coins on September 11th. The token surpassed Dogecoin (DOGE) with $364 million versus $316 million.
Top 15 Meme Coins by 24H Trading Volume$PEPE – $376M$DOGE – $315M$DOGS – $264M$WIF – $240M$SUNDOG – $138M$PEOPLE – $110M$POPCAT – $97M$FLOKI – $96M$BOME – $95M$ORDI – $88M$NEIRO – $78M$SHIB – $72M$BONK – $61M$CAT – $57M$TURBO – $46M pic.twitter.com/KYxWgpdbYe
— CryptoRank.io (@CryptoRank_io) September 11, 2024
What Does the Grayscale Sui Trust Mean?
The launch of Grayscale Sui Trust was first reported on August 7th. Additionally, one of the major institutional players in the crypto market announced the launch of Bittensor Trust.
Such news often causes high volatility in the crypto market. Between August 7th and August 12th, after Grayscale’s announcement, the price of the SUI token rose from $0.607651 to $1.10.
This represented a rise of about 81% during those days.
Sui TVL Rises 7% in a Day
Along with the price, Sui’s Total Value Locked (TVL) in Decentralized Finance (DeFi) increased by 7.46% in the last 24 hours.
The chain’s TVL is up 15.20% for the month, outperforming DeFi giants like Ethereum (-7.66%) and Solana (0.37%).
Sui is a Layer 1 (L1) blockchain from Mysten Labs. The network offers fast transaction processing with low fees for Web3.
