SUI Price Hits New All-Time High Total Value Locked Grows, Backpack Joins Forces with Sui Network

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As a seasoned analyst with a knack for spotting trends in the crypto market, I find myself intrigued by the meteoric rise of SUI, the native token of the Layer-1 blockchain Sui. The integration of Backpack, a leading exchange and wallet, into the Sui network has certainly fueled this growth, as Backpack serves users from more than 150 countries who have traded over $60 billion since its launch just a year ago.

Over the past day, the value of the native token for Layer-1 blockchain Sui (SUI) has skyrocketed by over 23.8%, currently trading at $4.69. This surge follows news about the integration of Backpack with the Sui network, which led to a peak price of approximately $4.90.

The statement reveals that a prominent platform for trading and digital wallets called Backpack is planning to incorporate Sui into its system. This platform caters to users in over 150 nations, who have collectively transacted over $60 billion since its launch just a year ago.

The price of SUI is up more than 60% over the last 30 days and more than 620% over the last 12-month period. A year ago, the cryptocurrency was trading at around $0.65 and had a market capitalization of around $675 million. Now, SUI is trading at $4.69 and has a $13.75 billion market capitalization.

At the moment when prices are increasing, it’s worth noting that the Sui network’s Total Value Locked (TVL) has been skyrocketing, and daily trading volumes on its decentralized exchanges have also surged significantly. As per DeFiLlama data, the TVL for SUI is currently close to $1.8 billion, and daily trading volumes frequently exceed $400 million.

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At present, the surge in value is happening during a phase where cryptocurrency investment vehicles are experiencing record-breaking weekly investments. Last week alone, investors injected an impressive $3.85 billion into these funds, fueling the ongoing bullish trend in the crypto market.

Last week, Bitcoin-focused investment goods received an influx of approximately $2.56 billion, as indicated in the CoinShares’ Digital Asset Fund Flows report. Meanwhile, products that provide exposure to Ether, Ethereum‘s second-largest cryptocurrency by market cap, experienced a record-breaking inflow of around $1.15 billion.

Reports indicate that investment products linked to XRP, the native token of the XRP Ledger, have received approximately $134.3 million this week, accounting for about 48% of the total $275 million inflow these products have experienced so far this year.

Over the last week, the value of XRP climbed more than 11%, peaking at approximately $2.65 before experiencing a drop, much like other digital currencies. Remarkably, over the past month, XRP has skyrocketed by an astounding 337%, rising from around $0.55 to a peak of nearly $3. In the present moment, XRP is being traded at about $2.4.

Over the past month, investment products linked to Cardano‘s ADA experienced a notable increase in price, attracting approximately $5.2 million. This inflow makes up about a quarter of the total funds these products have received throughout the entire year.

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2024-12-12 20:24