Sui price has soared over 44% in the past week and over 65% in 30 days The price has risen since the launch of Grayscale Sui Trust for accredited investors Sui Network's Total Value Locked (TVL) exceeded $1.34 billion
SUI price is trading above $1.67, up 44% in the last week, with total value locked (TVL) jumping to $1.3 billion.
This increase includes a spike of more than 65% in the past 30 days. This pushed the layer 1 blockchain platform's native token to its highest value recorded in early April.
What caused the SUI price hike?
After Grayscale announced that it would open its Sui Trust to accredited investors, Sui's trading volume spiked significantly.
Following this news, SUI's daily trading volume skyrocketed, and the price reached a level above $1.
The rise in Sui’s price above $1.67 also coincides with a sharp rise in TVL across various decentralized finance (DeFi) protocols in the Sui ecosystem. OKX Ventures noted that Grayscale Sui Trust has increased the credibility of the SUI market as interest from institutional investors increases.
Sui's TVL reaches $1.3 billion
The bullish sentiment regarding this outlook is reflected in on-chain activity with TVL reaching $1.34 billion.
According to DeFiLlama, Sui's TVL exceeded $1 billion in May, up from around $250 million in early 2024. However, as the cryptocurrency market crashed and the price of Bitcoin fell below $50,000, it fell to $462 million on August 5th.
But what's notable is that it soared to $1 billion in less than a month, accelerating to $1.34 billion. This represents a jump of 377% year-to-date and more than 47% month-to-date.
The growth of Sui's DeFi ecosystem behind this surge includes increased adoption of the protocol across lending, decentralized exchanges, real-world assets, derivatives, and yield.
Navi Protocol's TVL is up 34% month-to-date to over $449 million.
The TVL measurements for lending protocols Scallop and Suilend are $246 million and $203 million, respectively. This represents a 34% and 100% jump from the beginning of the month, respectively.
