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Share link:In this post: SUI is now the best performer year-to-date among all cryptocurrencies after over 160% gains. SUI performance is due to its network activity, Grayscale quasi-endorsement, and other factors. Crypto analyst raise red flag about SUI rally and the sell-offs by insiders.
The native token for the Layer-1 blockchain network, Sui, is now the best-performing crypto in 2024 after over 6% gain in the last 24 hours. According to data shared by pseudonymous crypto trader ToreroRomero, SUI has overtaken The Open Network (TON) token Toncoin as the best performer year-to-date.
CoinMarketCap data also backs this up, showing that SUI has risen by 170% this year, going from less than a dollar in January to $2.265 presently. Most gains have come in the past 30 days, during which the token has risen by 124%.
By comparison, TON is only up by 125% throughout 2024, even though it is worth more than SUI at $5.26. With SUI gains, the token has entered the top 20 cryptocurrencies by market cap with over $6 billion.
SUI is outperforming TON partly because of the recent decline in TON value due to the series of challenges including Telegram’s Pavel Durov arrest. While TON fell almost 30% in the past three months, SUI gained 170% within the same period and has been trending upward for several weeks now, beating market expectations and outperforming all the top altcoins.
Why is SUI doing well?
SUI’s positive performance is largely due to the increased activity on its network this year, which has seen the network record massive transaction volumes. In recent months, the network activity has further translated into more funds in the Sui ecosystem. According to reports, about 27% of the outflow of funds from Solana in September went into the Sui network.
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In terms of overall net flow over the past months, Sui is the third network with the most net flow, behind Solana and Ethereum and ahead of Base and BNB Chain. This is based on ranking fifth purely on inflows and sixth in outflows.
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