Sui Price Surges Over 20% Following Bybit’s Launchpool Support

Cryptonews Economy Clara Montgomery October 7, 2024

Sui Price Surges Over 20% Following Bybit’s Launchpool Support

Sui has seen a remarkable price increase of more than 20% in a single day, reaching its peak in six months, attributed to Bybit’s announcement of support for SUI on its Launchpool. The token has outperformed others in the market, fueled by a broader bullish sentiment and robust engagement in decentralized finance, achieving significant growth in total value locked.

The price of Sui has experienced a remarkable increase of over 20% within a 24-hour period, reaching its highest level in six months, following encouraging news from the cryptocurrency exchange Bybit. On October 7, Bybit announced its support for Sui (SUI) as a native ecosystem pool token, which coincided perfectly with the soaring valuation of the token. The addition of Sui to Bybit’s Launchpool signifies the first time a mining pool has been created for a token outside of the Mantle ecosystem. This inclusion is part of Bybit’s broader strategy to expand its ecosystem token offerings. Furthermore, Bybit facilitates Sui staking and ranks among the premier exchanges listing the Sui project NAVI. Sui’s recent upward trajectory has outperformed some of the leading cryptocurrencies. The token’s 20% rally in the past day comes on top of a substantial 115% increase witnessed in September. This positive momentum continued as Bitcoin (BTC) climbed above $63,700 and Ethereum (ETH) regained the $2,480 mark. After reaching a low of approximately $0.53 on August 6, Sui’s price has, in recent weeks, seen a notable surge alongside the total value locked (TVL) in its ecosystem. According to DeFiLlama, Sui’s TVL has escalated to $1.58 billion, positioning it as the ninth largest blockchain by TVL. On October 7, during the U.S. trading session, Sui’s price broke above $2 and subsequently tested $2.09, making it one of the day’s top gainers alongside NEIRO and MOG tokens. The last instance when Sui broke below $2 was followed by an ascent to its all-time high of $2.17, which was achieved on March 27, 2024.

The recent surge in Sui’s price is a significant event in the cryptocurrency market, particularly reflecting the ongoing developments and trends within the DeFi (Decentralized Finance) sector. Bybit’s endorsement of Sui as a deployable ecosystem token under its Launchpool reveals a strategic approach to enhancing the liquidity and engagement of the Sui project. This move is particularly important given the volatile nature of the crypto market and the initial sell-off reactions to geopolitical tensions faced in recent weeks. The statistical highlights, including total value locked (TVL) data, further contextualize Sui’s growth potential against its market peers, illustrating its evolving prominence in the cryptocurrency landscape.

In summary, the notable rise in Sui’s price and its recent listing on Bybit’s Launchpool underscores a positive shift within the market. The combination of increased stakeholder interest, coupled with Bybit’s growing support, positions Sui as a significant player in the expanding realm of decentralized finance. As the market continues to evolve, the performance of Sui will be a noteworthy factor for investors looking to capitalize on opportunities within the cryptocurrency sector.

Original Source: crypto.news