Sui network, a layer 1 blockchain has recorded a new milestone leading to a 10% surge in SUI price in the last 24 hours. The blockchain has surpassed 1 million active wallets following a bullish drive in the market and increased adoption.
The blockchain which boasts of its architecture for a secure ecosystem for digital assets has marked increased activities reflected in its price, wallets, and transactions. On-chain data show active wallets hit 1.03 million, a steady rise this month from a significantly lower position igniting crypto bulls.
SUI’s network activity can be linked to increased bullish activity in the market sparked by increased sentiments. As a result, decentralized finance (DeFi) and layer 1 activities have soared this month.
The uphill movement in the asset price shows a significant push as other assets lose steam. At press time, SUI trades above 10% today pushing its price to $1.12. This has led to a $2.63 billion market capitalization with daily volumes above $165 million. A major impact on SUI price is the 43.4% surge in trading volumes marking huge gains for the asset.
Crypto enthusiasts around social media spaces have tipped renewed market activity setting sights on $2. This comes after the token saw all-time highs at $2.18 on March 27 due to increased flows in Q1 2024. Despite a 48.83% decline from its all-time high, SUI network bulls tip a positive run after consistent flows in the last six months.
Daily gains in terms of price and network activity are above major blockchains and utility tokens. The crypto market recorded slight gains today with assets like Bitcoin and Ethereum notching 0.7% and 1.3% gains.
Among the top 10 assets by market capitalization, Solana saw more inflows with 6.3% with his price at $178. Solana’s flows still trail the Sui network which has seen an increased number of user wallets.
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