The Sui network has reached over one million active wallets, causing a 10% increase in the price of its token, SUI.
The Sui network, which is a layer 1 blockchain, has reached a new milestone, resulting in a 10% increase in the price of SUI over the past twenty-four hours.
Due to a bullish market surge and increased usage, the blockchain has officially surpassed one million active wallets.The price of the blockchain, wallets and transactions have significantly increased.
The blockchain takes pride in its architecture, which provides a secure environment for the provision of digital assets. This month, active wallets reached 1.03 million, marking a steady rise from a substantially lower position that ignited crypto bulls.
On-chain data suggest that this number has reached 1.03 million. Elevated sentiments drove increased bullish activity in the market, which in turn influenced the network activity of SUI. Decentralized finance (DeFi) and layer 1 operations have flourished as a direct consequence of this month’s events.
SUI Price: Bulls Record Uptick
Despite the fact that other assets are losing momentum, the asset price is showing a considerable push in an upward direction. It is now trading at a price of $1.12.
As a result, market capitalization has increased to $2.63 billion, and daily volumes have exceeded $165 million. The 43.4% increase in trading volumes, which resulted in enormous gains for the asset, has had a significant impact on SUI’s price.
On social media platforms, cryptocurrency enthusiasts have reported that the market is experiencing increased activity with the goal of reaching $2. This follows the fact that the token reached all-time highs on March 27 at $2.18 due to higher flows in the first quarter of 2024.
After sustained flows over the past six months, SUI network bulls expect a positive run, despite the fact that the network has dropped 48.83% from its all-time high.
When compared to major blockchains and utility tokens, daily gains in terms of price and network activity are among the highest. This morning, the cryptocurrency market saw a minor increase in value, with assets such as Bitcoin and Ethereum achieving gains of 0.7% and 1.3%, respectively.
SUI Network Outpaces The Market
With his price at $178, Solana had more inflows than any of the top 10 assets by market capitalization due to the fact that his price increased by 6.3%. Additionally, the Sui network, which has witnessed a surge in the number of user wallets, continues to trail Solana’s flows.