- SUI has recorded a significant price surge of up to 32% in the past week following the news of USDC integration in its blockchain.
- Additionally, the company announced that its stablecoin, USDC, was now available in Brazil and Mexico.
Sui has bucked the overall market pessimism, experiencing an unexpected and significant price increase. SUI has recorded an impressive price rally following news that Circle, the issuer of the second-largest stablecoin USDC, plans to launch a dollar-denominated token on the Layer 1 blockchain.
At the time of writing, SUI is swapping hands for $1.16 marking a 0.47% surge in the last 24 hours. Additionally, SUI ‘s current price also represents a noble 32.63% and 40.34% surge in the past week and month respectively, rising from $0.88 on September 11 leading to a six-month high of $1.22 earlier today.
Currently holding the 30th position, this significant price increase has led to SUI’s market cap rising to the $3.2 billion level, not forfeiting a $586,359,305 trading volume.
One of the major factors contributing to SUI’s substantial price surge could be the integration of stablecoin USDC on the Cross-Chain Transfer Protocol. Circle co-founder and CEO Jeremy Allaire announced that Circle plans to deploy a dollar-backed asset on the SUI blockchain.
Apps built on CCTP can essentially teleport USDC from one blockchain to another, providing users with a highly secure and capital-efficient way to transact in a multi-chain world. Circle stated on its website.
In addition to that, the company’s latest move was accompanied by several major announcements, including a partnership with MoviePass that allows users to pay for subscriptions with cryptocurrency. Additionally, the company announced that its stablecoin, USDC, was now available in Brazil and Mexico.
Chief Product Officer of Mysten Labs Adeniyi Abiodun expressed great enthusiasm for the development, stating that “the availability of USDC as a native asset on Sui marks another important milestone in the maturation of the Sui ecosystem.” Additionally, Adeniyi noted that the launch would help bolster the network’s cross- and intra-chain functionality.
In addition to SUI’s substantial price increase, SUI has also attained another significant milestone. According to data from Coinglass, open interest on futures exchanges has reached a new all-time high, exceeding $315 million. This marks a substantial increase from less than $52 million recorded in August.
Simultaneously, Sui’s DeFi ecosystem has seen notable growth. The total value locked in Sui-based DeFi protocols has surpassed $741 million, marking a 25% increase in the past month. Among the leading DeFi projects on the SUI network include NAVI Protocol, Scallop Lend, Suilend, and Aftermath Finance.
Having recorded a substantial increase in price value, one analyst has highlighted that traders may want to consider taking partial profits, especially if the market shows signs of divergence. While it’s not recommended to sell everything, but “back some gains.” as he stated in the X platform.
