Why SUI Crypto Price is Up Today?

The post Why SUI Crypto Price is Up Today? appeared first on Coinpedia Fintech News

Solana’s biggest rival and the native token of the Sui blockchain (SUI) coin has surprised the crypto community with a massive jump of 72% in just one week. According to Lookonchain, a popular blockchain analytical platform, there are three main reasons behind this strong rally.

Apart from this, there is a rumor growing that Pokémon HOME might be partnering with the Sui blockchain. 

Total Value Locked Surge on Sui

One of the biggest reasons behind this huge rise in Total Value Locked (TVL) on the Sui network. In just a short time, Sui’s TVL went up by 41%, reaching $1.73 billion as per Defillama. This means more users and developers are locking their funds into Sui’s decentralized apps, trusting the network to grow even more.

DEX Trading Volume is Booming

Another key reason behind the SUI price jump is the rise in trading volume on Sui-based decentralized exchanges (DEXs). Over the last week, trading volume shot up by 170%, reaching $599 million in just 24 hours. 

That means more people are buying and selling tokens on the network, which often pushes the price higher.

Growing Stablecoins Growth on the Network

And the third reason is the rapid growth of stablecoins on Sui. In the past two months, the total value of stablecoins on the network jumped from $482 million to $879 million, that’s an 82% increase. 

This shows that users are not just trading, but also holding value and building trust in the system.

Is Sui and Pokémon Home Collaborating? 

Sui’s recent 72% price jump might not just be about numbers, there’s a rumor about a possible partnership with Pokémon!

Fans noticed that a Web3 company called Parasol, now owned by SUI’s team, was added to Pokémon HOME’s privacy policy. This started rumors of a future collab between Sui and Pokémon.

Later, a blog post from the Sui Foundation recently talked about Parasol working on NFT-based card games, and some users claimed it originally mentioned Pokémon before the name was quietly removed.

While there’s no official confirmation yet, the rumor may be helping boost SUI’s price.

As of now, the SUI token is up by 23% and trading around $3.64, with its market cap hitting $11.83 billion in the last 24 hours.