The SUI Coin of the Sui layer-1 blockchain platform has gone parabolic over the last few days. On November 14, during early trading hours, it hit a new all-time high of $3.51 after outperforming several other cryptos in the market, including its layer-1 counterparts.
This increase follows the Sui Network becoming the preferred ecosystem for numerous companies and projects that choose to leverage or partner with them, owing to its fast and scalable solutions.
Meanwhile, SUI has recently reached several milestones, showing heightened activity and adoption within its ecosystem. As of November 13, 2024, the decentralized exchange (DEX) trading volume stood at $28 billion.
At the same time, Sui’s Total Value Locked (TVL) has seen significant growth and currently surpasses $1.4 billion despite being a relatively new blockchain network.
VanEck launches SUI exchange-traded note (ETN)
On November 13, the asset management firm VanEck revealed the introduction of the VanEck Sui ETN on Euronext Amsterdam and Euronext Paris. They stated that investors can utilize this exchange-traded note (ETN) to engage with the SUI token without purchasing and holding it directly.
🚨BREAKING 🚨: Investment firm @Vaneck_eu has launched a new product representing SUI!
Leveraging Sui's trustworthy and battle-tested infrastructure, VanEck is bridging the gap between blockchain and traditional finance, offering millions of investors secure access to SUI.… pic.twitter.com/WWjMBT8dcs— Sui (@SuiNetwork) November 13, 2024
The VanEck Sui ETN mirrors the performance of the MarketVector Sui VWAP Close Index, which is tied to the SUI token price.
Menno Martens, Crypto Product Manager at VanEck Europe, states that Sui is well-positioned to meet the increasing demand for blockchain-based transactions due to its scalability and user-friendly design for end-users and developers.
He believes the SUI network has significant growth potential, as its consistently low transaction fees present an alternative to other blockchains.
Furthermore, MemeFi, a leading play-to-earn project on Telegram with about 28 million active monthly users, is driving the demand for SUI Coin. MemeFi became the first mini-app on Telegram to collaborate with the Layer 1 blockchain SUI ahead of its token launch on November 22.
This development comes as MemeFi’s pre-market trading volume nears $4 million on the crypto exchange OKX. Regarding the listing date, MemeFi announced that users could withdraw their MemeFi tokens directly to major exchanges, including Bybit, OKX, Gate.io, MEXC, and others.
SUI Coin eyes $5 or more this cycle
The SUI Coin price has surged by 54.33% within the past week. It was also one of the top performers in the last 24 hours, achieving approximately 18.65% increases over the previous day.
At the time of this report, it was trading at $3.48. With a market capitalization exceeding $9.98 billion, it currently ranks as the 15th largest coin by market cap.
SUI Coin price today | TradingView
If the bullish trend in Sui’s price continues, the layer one token could experience a significant rally, potentially pushing the price up to $5. This figure is minor compared to what analysts anticipate for this bullish cycle.
Multiple analysts have consistently suggested that SUI is following a path similar to that of Solana’s (SOL) performance in 2021, which rose from about $2 in early 2021 to a peak of $260.06 by November 2021.
Read more: Solana Price Prediction After Flipping Ethereum in a Key Metric
