Sui&#39;s (<a href="https://www.blockhead.co/tag/sui/" rel="noopener noreferrer nofollow">SUI</a>) token price surged by 30% yesterday, reaching $4.81, making it the top gainer for the day. This significant increase boosted its market capitalization to $14 billion, with a trading volume exceeding $3 billion, per Coinmarketcap data.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/0bffd7d41e554c96a3d6cfad9a0e2d2c.jpeg" />Launched in May 2023, Sui quickly gained attention for its speed, unique architecture and innovative use of the Move programming language. Dubbed the &#34;Solana killer,&#34; robust activity on the network and growing investor interest are driving its price upwards and solidifying its position within the Layer 1 space.Adding to the bullish sentiment, Sui has witnessed a remarkable surge in trading volume, escalating from negligible amounts to over $3.5 billion. This significant increase in transaction activity on Sui&#39;s decentralized exchange (DEX) platforms indicates increased investor engagement, driven by new protocol developments and growing utility within the Sui ecosystem.Sui has been also demonstrating strong growth and attracting significant attention within the blockchain space, with a flurry of partnership announcements and ecosystem partnerships.In November, the Sui Foundation announced a partnership with $1.7 trillion asset manager Franklin Templeton to grow the Layer 1&#39;s ecosystem and explore novel use cases. Simultaneously, Sui also joined forces with Babylon Labs, Lombard, and Cubist to integrate Bitcoin liquidity into its ecosystem, unlocking a new era of programmable Bitcoin within DeFi.And yesterday, exchange and wallet Backpack, said it will integrate with Sui – a move that is expected to &#34;create a multitude of integration and listing opportunities for projects on Sui while enhancing user experience for both platforms.&#34;“Integrating Sui enables our users to access its rapidly growing ecosystem and opens up new possibilities for Sui developers, projects, and traders,” said Armani Ferrante, CEO and founder of Backpack, said in a <a href="https://coinmarketcap.com/community/articles/6759a41dbdfef630996a4e63/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">statement</a>.The move follows Phantom, the top wallet on Solana with over 7 million active users, <a href="https://blog.sui.io/phantom-wallet-integrates-sui/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">expanding support to Sui</a>, joining Solana, Bitcoin, and Ethereum as the only Layer 1 blockchains included with the wallet.

Sui (SUI) Soars Amid Net Inflow Surge, Ecosystem Growth

Blockhead

Other articles published on Dec 12, 2024

India’s Chief Economic Advisor Advocates for Innovation in Cryptocurrency Sector

Circle and Binance Form Strategic Partnership to Drive Global Adoption of USDC

Circle and Binance Team Up to Boost Crypto Adoption

MicroStrategy Acquires Additional $1.5B Bitcoin, Expands Holdings to 402,100

Top Analyst Predicts, Bitcoin Could Soar to $275K

World Liberty Financial Converts Stablecoins to Buy $5M in Ethereum

Join our free newsletter for daily crypto updates!