Ethereum

Bittensor

Nano

Sui (SUI) reached a one-month peak after doubling its price in a single trading day. The SUI asset spiked after increased social media exposure, but it was also an anomaly in SUI open interest.&nbsp; 
<a href="https://www.cryptopolitan.com/sui-is-on-fire-whats-driving-the-surge/">SUI</a> is still up 65% week-on-week, trading at $0.98 after extending this week’s rally. Trading volumes retained their boost for the past week, landing above $750M in 24 hours.&nbsp; 
The Sui project is among the relatively high-profile Layer 1 solutions, receiving net flows of $100M from Ethereum. But this does not fully explain the recent token rally. SUI has lagged behind larger networks, with an all-time price peak just above $2. During the 2024 bull market, SUI has underperformed compared to other chains, as only a handful of networks drew in traffic.<gwmw style="display:none;"></gwmw><gwmw style="display:none;"></gwmw> 
<h3 class="wp-block-heading" id="span-style-font-weight-400-grayscale-s-bittensor-tao-product-helps-with-token-recovery-span-gwmw-style-display-none-gwmw">Grayscale’s Bittensor TAO product helps with token recovery <gwmw style="display:none;"></gwmw></h3> 
SUI keeps getting exposure from Grayscale, which launched its SUI Trust exchange-traded product on August 1. Since then, the product also expanded its net asset value per share, rising from a low of $7.96 to $15.14. Grayscale’s Bittensor TAO product had a similar effect, helping the token recover from lows of $172 back above $280. The Grayscale products still target accredited investors rather than crypto insiders, but signal the trustworthiness and growth potential of the product. 
The <a href="https://www.grayscale.com/crypto-products" rel="nofollow noopener" target="_blank">Grayscale SUI Trust</a> is still the smallest of all available investment products for accredited investors. The fund still carries $681.23K assets under management. 
The current SUI pump occurs on top of a peak of long positions. Most of the longs are concentrated around the $0.80 level, which may be attacked in the coming days. A new SUI rally led to the creation of 861 longs against 109 shorts.&nbsp; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/search?q=%24SUI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$SUI</a> heatmap and liquidation levels for those who are trading . looks like massive number of longs are piling up on sui the ratio is 861 longs to 109 shorts . major long liquidation at 0.80 $ better use stop loss while using leverage . <a href="https://t.co/q7OIMrJ3gn" rel="nofollow" target="_blank">pic.twitter.com/q7OIMrJ3gn</a>— LA𝕏MAN (@Theblockvlog) <a href="https://twitter.com/Theblockvlog/status/1823226783841329526?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">August 13, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
The SUI open interest is not unprecedented, but the recent spike was sudden, arriving with additional social media mentions. The SUI market shows it is highly reactive when buyers move in, signaling that crypto investors are still watching altcoins and tokens for expansion opportunities. The SUI rally arrives after other platform tokens on the Ethereum ecosystem lagged behind the market.&nbsp; 
The growing longs open interest is the highest since the end of March, where SUI also achieved its highest valuation. The initial spike took SUI open interest to $120M. Overnight, new positions drove open interest to <a href="https://www.coinglass.com/currencies/SUI" rel="nofollow noopener" target="_blank">$256.39M</a>. 
<h3 class="wp-block-heading" id="span-style-font-weight-400-sui-lines-up-among-leading-graph-based-networks-span">SUI lines up among leading graph-based networks</h3> 
One of the reasons for the relatively low popularity of SUI until recently is its different approach to building a network. SUI is a novel blockchain, not another EVM-compatible layer. It resembles the architecture of Nano (NANO) or IOTA, rather than the usual proof of work or staking blockchains.&nbsp; 
SUI reports more than 410K daily active accounts, to compete with the usual levels on Ethereum and Solana. Onboarding new users may be more difficult, since SUI requires the creation of a separate wallet.&nbsp; 
Unlike other DAG projects or innovative networks, SUI is not a “dead chain”. As of August 2024, SUI carried a relatively low value locked at <a href="https://defillama.com/chain/Sui" rel="nofollow noopener" target="_blank">$617.38M</a>. Additionally, SUI has an ecosystem of tokens and a full DeFi collection of projects. The goal of SUI was to become a chain capable of carrying DEX trading, as well as gaming. SUI carries millions of NFT, trading between 10K and 20K items daily. Additionally, SUI carries its own ecosystem of tokens, valued at <a href="https://coinmarketcap.com/view/sui-ecosystem/" rel="nofollow noopener" target="_blank">$4.5B</a>.&nbsp; 
SUI may still face price pressure with attempts to liquidate the current long positions. The Sui network was launched after a series of exchange-based token placements and IDOs, in addition to Series A and Series B funding. As of August 13, only 25% of the SUI supply was unlocked and circulating.&nbsp; 
On September 1, an unlock of 64.19M tokens will inflate the circulating supply by <a href="https://token.unlocks.app/sui" rel="nofollow noopener" target="_blank">2.47%</a>. The Sui project has allocated around 20% of its supply to early investors and VC backers. In the coming months, Sui will also accelerate the unlocks for the <a href="https://defillama.com/unlocks/sui-foundation" rel="nofollow noopener" target="_blank">Series B backers</a>. Sui has gained support from Binance Labs, as well as from leading fund Andreessen Horowitz and Jump Crypto. SUI has also been distributed to early contributors, and skeptics see the current social media popularity as a form of paid promotion through discount tokens.&nbsp; 
Cryptopolitan reporting by Hristina Vasileva

Sui open interest remains near peak, traders aim to protect long positions

Table of Contents

Cryptopolitan_News

Other articles published on Aug 13, 2024

Bitcoin Volatility Spikes as JP Morgan Releases US Recession Warning

Cryptocurrency Maker Rises More Than 5% In 24 hours

MAYC Price Surge: Is the NFT Market Back on Track?

Spot Bitcoin ETFs on Track to Pass Satoshi in BTC Held as Flows Flip Positive

Marathon Digital Pioneers ‘Made in USA’ Label for Domestically Mined Bitcoin

ICP Integrates threshold-Schnorr Signatures Enabling Builders to Supercharge the Bitcoin Economy

Join our free newsletter for daily crypto updates!