- Sui has seen a price spike of over 44% in the past week and 65% in 30 days
- The gains come after the Grayscale Sui Trust opened to accredited investors
- The total value of the SUI Network (TVL) has exceeded $1.34 billion
SUI’s price rises as its total value locked (TVL) jumps to $1.3 billion, up 44% in the past week to trade above $1.67.
The gains include a spike of more than 65% in the past 30 days. This sees the layer 1 blockchain platform’s native token reach a high last seen in early April.
What caused the price increase of SUI?
Sui saw a notable increase in volume after Grayscale announced that its Sui Trust was open to accredited investors.
Daily volume for SUI skyrocketed following the news, with the price reaching levels above $1.
Sui’s price rise above $1.67 also coincided with a sharp increase in TVL across several decentralized finance (DeFi) protocols in the Sui ecosystem. OKX Companies be to the Grayscale Sui Trust’s push for the credibility of the SUI market when institutional interest arose.
Sui’s TVL is $1.3 billion
The bullish sentiment surrounding this outlook is reflected in on-chain activity pushing TVL to $1.34 billion.
According to DeFiLlamaSui’s TVL rose from about $250 million in early 2024 to $1 billion in May. However, it fell to $462 million on August 5, amid the cryptocurrency market crash that pushed Bitcoin’s price below $50,000.
What is notable, however, is the spike back to $1 billion and an acceleration to $1.34 billion in less than a month. It marks a spike of over 377% year-to-date and 47% month-to-date.
Sui’s growing DeFi ecosystem behind this wave includes greater adoption of protocols across lending, decentralized exchanges, real assets, derivatives, and returns.
Navi Protocol has seen its TVL increase 34% month over month to over $449 million.
The Scallop and Suilend credit protocols have respective TVL values of $246 million and $203 million. It represents a spike of 34% and 100% respectively in the month to date.
