Sui (SUI), a promising altcoin in the cryptocurrency market, has seen an impressive 8.43% increase over the past 24 hours, reaching the current trading price of $0.5775. This rally took place as the highly anticipated Bullshark Quest 2 event, which started on July 28, was extended until September 6.
Altcoin project took a leap: Here’s why
In the volatile world of cryptocurrencies, SUI has gained a reputation for dynamic price movements. Notably, according to data provided by CoinGecko, it increased 8% overnight, maintaining its position as the top 100 coins by market cap. However, SUI is not the only player making a breakthrough in the market today. Near Protocol (NEAR) registered an increase of 8% since the previous day, while Toncoin (TON) recorded a 3% increase over the same period. Even the meme coin Shiba Inu (SHIB) managed to make a modest 3% gain.
However, the major coins Bitcoin (BTC) and Ethereum (ETH) are showing slight bearish trends today. BTC dropped short below $26,000 yesterday and is now trading at $26,030, down 0.2% in the last 24 hours. Similarly, ETH dropped 1.3% overnight and its current trading price stands at $1,644. SUI has recently embarked on a price discovery journey. Just last week, it saw a notable increase of over 20%, climbing from $0.47 to a high of $0.57. This increase was largely attributed to the capital infusion of the Sui Foundation, the development team behind the Sui Blockchain. On August 18, the foundation announced a significant $900,000 developer grant that benefits 16 projects in the ecosystem.
SUI hits weekly peak
After experiencing a pullback over the weekend, SUI broke above the previous week’s high early Wednesday, reaching a new weekly high of $0.58. This revival in price was accompanied by a wave of liquidation and an increase in spot volumes on the South Korean exchange Upbit. The South Korean exchange reported a notable increase in liquidations totaling $2.61 million. According to Coinglass data, approximately $1.73 million of these liquidations were attributed to short orders. This trend brings to mind the possibility of a short squeeze, a phenomenon where a rise in an asset’s price is triggered by short sellers retracing their positions.
Interestingly, SUI also dominated the trading activity in Binance futures, outpacing the volumes of other leading altcoins such as XRP and SOL. With volumes reaching nearly $800 million, it is clear that Binance derivatives played a crucial role in driving the recent price action. As the Bullshark Quest 2 event continues, attendees take advantage of the unique opportunities offered by the two SUI prize pools. The extension of this event until September 6 added even more excitement to the SUI market, resulting in a gain of 8.43% in the last 24 hours alone. Crypto enthusiasts and investors are keeping a close eye on SUI’s journey to see how this dynamic token will continue to perform in the coming days.
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