SUI price increases by 1.60% in a day. What is the future of this cryptocurrency?

Crypto News: SUI, a special Layer 1 blockchain and smart contract platform, increased by 1.60% to US$1.30 per token over the previous day. The cryptocurrency faced liquidations totaling more than US$2.2 million during this period of market decline, which resulted in a US$500 million liquidation. Notwithstanding these difficulties, SUI price has shown resilience, surpassing both its rivals and the global cryptocurrency market with a 54% increase in the last week. Due to its quick expansion since 2024, SUI has been able to overtake competitors in the DeFi field, such as Bitcoin and Aptos, demonstrating its potential.

TVL on SUI Network Exceeds US$360 Million

Over the past year, there has been a significant explosion in the total value locked (TVL) on the SUI network. However, the TVL has already surpassed the US$360 million milestone less than a month into 2024.

Even if this number is still far below the likes of BSC and Ethereum, which currently rule the DeFi TVL, it does place it ahead of certain significant players. A comparison of the two shows that SUI TVL is significantly greater than Bitcoin TVL, which is presently US$298.8 million.

However, Aptos TVL is another network that is now behind SUI. The Aptos blockchain, which debuted in 2022 with great excitement, currently has a TVL of US$133 million. In other words, SUI's TVL is more than twice as high as Aptos.

At a TVL of US$251 million, Kava is the largest DeFi network, followed by Near (US$94 million), Metis (US$124 million), and other networks that SUI has surpassed. SUI has risen to the 13th rank among DeFi networks with its TVL numbers.

DeFi Making a Return

The DeFi market appears to be rebounding in 2024 following a protracted period of subpar performance. The market fell more than 50% after peaking at a TVL of about US$245 billion in 2022, and it spent much of 2023 lagging below US$70 billion, according to DeFiLlama statistics.

But the DeFi TVL has also improved along with the sentiment of the cryptocurrency market. From its low point of US$47 billion in October 2023, the TVL has increased to almost US$72 billion thus far in 2024. This is because platforms like SUI are becoming more widely used, and their token prices are rising in tandem.

At US$43.743 billion, Ethereum has the largest share of this TVL, as anticipated. With TVLs of US$8.14 billion and US$5.41 billion, respectively, the Tron and BSC networks rank second and third.

Sui price change during the last day is a noteworthy development that, depending on the situation and point of view, may or may not have ramifications for the project and its investors. Some would see it as a momentary correction and possible reversal, while others might see it as a sign of strength and a signpost to further advances. Sui's future ultimately depends on several variables, including the state of the market, user demand, community support, legislative changes, and innovation. Before making any decisions, investors should do their homework and be informed of the risks and benefits associated with the investment.