SUI Price Pumps 10% as Network Hits 1M Active Users

Sui network, a layer 1 blockchain has achieved a remarkable milestone which propelled its price to record over 10% gain in the last 24 hours. On-chain data shows that the blockchain has surpassed 1 million active wallets following a bullish drive in the market and increased adoption.

 Launched in May 2023, Sui Network is a layer-1 blockchain and smart contract platform designed to make digital asset ownership fast, private, secure, and accessible. The platform boasts of using a unique transaction processing mechanism that enables parallel processing and horizontal scaling. 

Sui Network Achieves a Milestone 

The blockchain has seen increased activity, which is reflected in its price, wallets, and transactions. According to on-chain data, the network’s active wallets have surpassed one million, demonstrating its growing popularity and widespread adoption among the cryptocurrency community. 

At the time of writing, SUI trades at $1.14 which represents a significant 10.33% increase in the last 24 hours. This has resulted in a $2.63 billion market capitalization, with daily volumes exceeding $165 million. The 43.4% increase in trading volumes has had a significant impact on SUI price, resulting in massive gains for the asset. 

Although the Sui price has increased significantly in recent hours, the token remains lower than its all-time high of $2.18 on March 27. However, crypto enthusiasts on social media are optimistic that the network will see increased market activity, which will likely raise its price. 

Why is Sui Surging?

SUI’s network activity can be linked to increased bullish activity in the market, which is caused by increased sentiment. The cryptocurrency market has seen slight gains today, with Bitcoin and Ethereum up 3.5% and 2.5%, respectively. As a result, decentralized finance (DeFi) and layer 1 blockchains such as Sui have noted growth in their networks. 

Additionally, the sui network has had various integrations with different platforms. One of them is FanTV, which aims to empower creators and users to begin creating, consuming, earning, and democratizing with AI. 

The increased number of user wallets in the Sui network reflects the platform’s technological prowess as well as highlights the growing interest in blockchain-based applications and services. As more individuals adopt digital assets and seek innovative financial solutions, Sui Network is poised for continued growth.