SUI Price Rises as Total Value Locked Reaches $1.3 Billion

• Sui has experienced a price increase exceeding 44% in the last week and 65% over the past 30 days.
• The price surge followed the opening of the Grayscale Sui Trust to accredited investors.
• Currently, the total locked value in the SUI network has exceeded $1.34 billion.

The SUI price has surged by over 44% this past week, reaching above $1.67. Within the last 30 days, the token has shown an impressive increase of more than 65%, reaching levels last observed in early April.

What sparked the SUI price increase?

The notable rise in Sui is attributed to a significant surge in trading volume following the announcement that Grayscale’s Sui Trust is now accessible to accredited investors.

After this announcement, daily trading volume for SUI soared, pushing the price beyond $1.

The rally in SUI price to over $1.67 coincides with a significant rise in total value locked across various DeFi protocols within the Sui ecosystem. OKX Ventures highlighted the Grayscale Sui Trust’s contribution to SUI’s institutional credibility, sparking increased interest.

Sui TVL reaches $1.3 billion

The optimistic sentiment surrounding this outlook is reflected in on-chain activity, with total locked value reaching $1.34 billion.

As reported by DeFiLlama, Sui’s total value locked has surged from about $250 million at the beginning of 2024 to over $1 billion in May. However, it dipped to $462 million on August 5 during the broader cryptocurrency market downturn that saw Bitcoin prices drop below $50,000.

Notably, the TVL has rapidly climbed back to $1 billion and surged to $1.34 billion in under a month, indicating a year-to-date increase of over 377% and a month-to-date rise of 47%.

The expansion of Sui’s DeFi environment, which has fueled this increase, encompasses enhanced adoption of platforms spanning lending, decentralized exchanges, real-world assets, derivatives, and yield strategies.

Navi Protocol has reported a 34% month-to-date increase in its total locked value, reaching over $449 million.

Lending protocols Scallop and Suilend have total locked values of $246 million and $203 million, showcasing respective month-to-date increases of 34% and 100%.