(Tuesday 13 August 2024, 09:40 AM GMT):Sui Network&#39;s SUI token has seen a remarkable surge in its price, following to the recent <a href="https://coinsprobe.com/sui-and-bittensor-surges-higher-after-grayscales-trust-launch/" rel="noopener noreferrer nofollow">launch </a>of two new crypto investment trusts by Grayscale, one of the leading names in cryptocurrency asset management. The Grayscale Bittensor Trust and Grayscale Sui Trust were both <a href="https://www.globenewswire.com/news-release/2024/08/07/2925970/0/en/Grayscale-Investments-Launches-Two-New-Product-Offerings-Grayscale-Bittensor-Trust-and-Grayscale-Sui-Trust.html" rel="noopener noreferrer nofollow">introduced </a>on August 7, 2024. These trusts are designed to invest directly in the native tokens of the Bittensor Protocol (TAO) and the Sui (SUI) blockchain, respectively.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ceeb7a6d75b64d4daffb4cbcbbb7bdf5.png" />Source: XSui (SUI) has quickly become a standout in the cryptocurrency market, boasting a notable 68.03% price increase over the <a href="https://coinsprobe.com/sui-and-bittensor-surges-higher-after-grayscales-trust-launch/" rel="noopener noreferrer nofollow">past week</a>. The token is currently trading around $1, pushing its market capitalization to an impressive $2.52 billion.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/cf66e54d1d364f03a6fda9e57b350096.png" />Source: <a href="https://coinmarketcap.com/currencies/sui/" rel="noopener noreferrer nofollow">Coinmarketcap</a>The significant uptick in Sui&#39;s value began shortly after Grayscale&#39;s introduction of the Sui Trust, which focuses on investing exclusively in SUI. This move by Grayscale has provided a substantial boost to Sui, attracting more investor attention and driving up the token&#39;s price.Adding to the excitement, Andrew Kang, a well-known figure on social media platform X, recently pointed out several <a href="https://coinsprobe.com/sui-expected-to-see-exciting-developments-hinted-by-andrew-kang/" rel="noopener noreferrer nofollow">factors </a>that hint at further positive developments for SUI. These include Raoul Pal’s endorsement of the token, aggressive price action without significant pullbacks, and strong holdership even through substantial token unlocks.As the Sui Network continues to gain traction, the future looks bright for SUI, with more investors eyeing this emerging cryptocurrency.Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial or investment advice.

SUI Token Sees Remarkable Gains Following the Launch of Grayscale’s Trust Launch

CoinsProbe

Other articles published on Aug 13, 2024

Bitcoin Miners Record Lowest 2024 Revenue Amid Market Struggles

Pump.fun's High Failure Rate Revealed: 98.6% of Memecoins Never Launch

SEC Pushes Back Against Coinbase’s Demand for Gensler Emails on Digital Assets

Pump.fun's High Failure Rate Revealed: 98.6% of Memecoins Never Launch

Bitget Wallet Outpaces MetaMask with 1.7M Downloads in July

Ripple Ordered to Pay $125M in Securities Law Violation Case, Possibly Ending SEC vs. Ripple Conf...

Join our free newsletter for daily crypto updates!