Ethereum

Cryptocurrency

Optimism

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/sui-cryptocurrency-experiences-significant-price-surge/" data-wpel-link="internal">SUI Cryptocurrency Experiences Significant Price Surge</a> 
<a href="https://en.coin-turk.com/tcmb-raises-year-end-inflation-forecast-to-65/" data-wpel-link="internal">Cryptocurrency</a> 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. 
<h2 style="text-align: justify" id="increase-in-sui-price">Increase in SUI Price</h2> 
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. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-315662 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/sui-blockchain-coin-turk-com-.png" alt="" width="2522" height="1586"> 
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. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-315663 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/sui-defi-coin-turk-com-.png" alt="" width="1550" height="1050"> 
<h2 style="text-align: justify" id="what-does-santiment-data-indicate">What Does Santiment Data Indicate?</h2> 
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. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-315664 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/sui-santiment-coin-turk-com--scaled.jpg" alt="" width="2560" height="1710"> 
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. 
<img loading="lazy" decoding="async" loading="lazy" class="wp-image-315661 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/sui-coin-turk-com-.png" alt="" width="1564" height="836"> 
Cryptocurrency SUI, if it continues to reflect positive developments, has the potential to surpass the price levels of first $1.9 and then $2. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/sui-cryptocurrency-experiences-significant-price-surge/" data-wpel-link="internal">SUI Cryptocurrency Experiences Significant Price Surge</a></h5>

SUI Cryptocurrency Experiences Significant Price Surge

Table of Contents

COINTURK NEWS

Other articles published on Feb 16, 2024

Aptos to Launch Smartphone to Boost Web3 Access in Emerging Markets

With Monero’s (XMR) Ongoing Suppression, Pushd (PUSHD) is Branching Ahead of Solana’s (SOL) Reach

Bitcoin Price Might Surge 30% in Coming Weeks If This Happens

Cardano’s Price Soars as Market Analyst Projects Major Growth

VeChain price soars 20%, key levels to watch

Best Meme Coins To Have In Your Portfolio – Dogwifhat, PepeFork and Doge Uprising

Join our free newsletter for daily crypto updates!