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Cryptocurrency SUI has been making waves in recent months. Its price has approximately quadrupled in the last four months. This surge has certainly pleased the investors of the cryptocurrency. There is, of course, a reason behind the rise. A process I could call the Wormhole effect has taken place. The use of SUI as a bridge in the transfer of about 500 million dollars from Ethereum to Wormhole has triggered the price increase.
Increase in SUI Price
SUI, the native token of the SUI Blockchain, climbed to $1.81, providing its holders with approximately a 20% gain on a weekly basis. The total value locked (TVL) in SUI assets has tripled since the beginning of the year. Alongside these developments, we see different data emerging for the cryptocurrency SUI.
Data from the cross-chain messaging platform Wormhole shows that over 500 million dollars in assets have been bridged from Ethereum to other Blockchains. Approximately 64% of this bridging, which is about 310 million dollars, was done through the SUI Blockchain. SUI surpassed its competitors Solana, Arbitrum, Moonbeam, BSC, and Optimism by handling a large share of the assets bridged from ETH.
According to DeFiLlama data, the total value locked in SUI has climbed from 211.39 million to 606.1 million since the beginning of 2024, showing nearly a threefold increase. The increase in TVL is considered an indicator of the growing interest in the SUI Blockchain among market participants.
What Does Santiment Data Indicate?
Santiment data reveals that SUI is among the top 10 cryptocurrency projects based on development activity. On-chain analysts at Santiment recently stated that development activity is positively correlated with a project’s importance and benefit in the crypto ecosystem. This suggests that SUI is a lively and active project, which is a positive indicator.
Developments in the SUI ecosystem are likely to catalyze gains in the token. In the coming days, the SUI price may reach higher levels in parallel with network developments. At the time of writing, the cryptocurrency SUI is trading at $1.79. SUI has experienced a decline of about 3.74% on a daily basis.
Cryptocurrency SUI, if it continues to reflect positive developments, has the potential to surpass the price levels of first $1.9 and then $2.
