Here’s Why Sui (SUI) is Trending Today

Layer-1 blockchain Sui has become one of the trending blockchains today. According to on-chain metrics from price tracker CoinGecko, Sui ranked as the second most trending project at the time of writing. It means that Sui is one of the most searched cryptocurrencies on CoinGecko over the past three hours. Here’s why the layer-1 network is making waves.

Source: CoinGecko

What is Driving Sui’s Virality?

Sui owes its trending status to several factors. First, crypto projects building on the layer-1 blockchain network have captured massive attention from investors. Second, investors are bullish about Sui’s upcoming in-real-life (IRL) event, scheduled for next week. Finally, the increased engagement has boosted its total value locked (TVL) and trading price, bringing attention to the blockchain network.

Among the Sui-based crypto projects soaking up attention are DeepBook, Walrus, Navi, and Cetus, which are decentralized finance (DeFi) projects. Yesterday, DeepBook’s DEEP token made headlines after securing a market listing on the South Korean cryptocurrency exchange Upbit. At the time of writing, the token is selling for $0.2047, representing a 65% surge in the past 24 hours.

Hours ago, Cetus, a decentralized exchange (DEX) built on the Sui blockchain, revealed that it had unlocked a new milestone. According to DefiLlama’s on-chain data, the project currently ranks among the top five Swap Aggregators and top 10 DEXs across all blockchains by daily traded volume. CETUS, the project’s native token, has surged to $0.1349 at the time of writing, representing a 26% increase.

Recall that Walrus, a DeFi data storage platform on Sui, launched its mainnet last month. It also raised $140 million in a private token sale. Even now, Walrus is still garnering attention as its native token, WAL, trades at $0.491, signaling a 13% surge in the past 24 hours.

As mentioned earlier, Sui’s upcoming IRL event is another driver behind the current price surge. Dubbed Sui Basecamp, the event will be hosted in Dubai on May 1-2. Like other blockchain events, the Sui-focused meetup will feature experts from Web2 and Web3 discussing a range of topics, including DeFi, gaming, and payment services. Many onlookers are optimistic that the upcoming event will feature some of the biggest Sui upgrades that can propel its price to new frontiers.

Notably, the Sui Basecamp event coincides with the annual Token2049 event. This event, scheduled to take place in Dubai from April 30 to May 1, will feature popular individuals and brands discussing everything related to Web3.

SUI Up Nearly 50%

These bullish trends that Sui-based projects are seeing have had a ripple effect on the blockchain’s on-chain metrics. At the time of writing, the blockchain’s TVL has increased by over 22.9% to $1.54 billion, per DefiLlama metrics. Suilend and Navi are topping the list of Sui-based protocols with the highest total value locked (TVL).

At the same time, SUI’s price has been on a bullish streak for several days. Earlier this month, it sold for $1.76, around the same time the broader crypto market declined. However, it has now recovered. At press time, the digital asset sold for $2.92, representing nearly a 50% surge from its local low over the past two weeks. Interestingly, this price signals a 23.6% price surge within the past 24 hours.

The post Here’s Why Sui (SUI) is Trending Today appeared first on Cointab.