Sui (SUI) is one of the big standouts this week on the crypto market. The native token of the layer-1 blockchain has skyrocketed in value, and there are several pieces of news behind that. Crypto asset manager Grayscale is making a big contribution, and Sui itself is also playing a major role in the price explosion.
SUI price rises 21% in one day
On Wednesday afternoon, the price of SUI started an impressive rise. At 5:00 PM, the token was still trading at $0.87, but a day later it peaked at $1.05. This represents a total increase of almost 21% in just one day.
SUI is clearly struggling to continue its advance from this point, but it also hit a wall twice in August around this price level.
Nevertheless, SUI is up a whopping 22% from a week ago, making it one of the best performing cryptocurrencies in this time frame.
Grayscale Launches Sui Trust & SuiPlay
The main catalyst behind the big price increase seems to be found in Grayscale launching its Sui Trust.
Last month, Grayscale announced the arrival of the new investment fund for SUI, after which the share price more than doubled in a week. Since yesterday, the trust is actually open to all eligible accredited investors, Grayscale announced.
The single asset trust offers investors the opportunity to gain exposure to SUI without having to buy or manage the altcoin itself.
Another possible driver behind the big price increase is the launch of the world’s first Web3 portable game console.
Earlier this month, the arrival of this so-called SuiPlay0X1 was announced. The device is now available for pre-order and will hit the market in the first half of next year for a competitive price of $600.
The console supports a wide range of games built on the Sui blockchain, but also games on other blockchain networks as well as PC games from Steam and Epic Games, among others.
Source: https://newsbit.nl/sui-crypto-steelt-de-show-met-opvallende-prijsstijging-dit-is-waarom/
