- Sui token price has surged to an all-time high as its ecosystem booms.
- Ethereum Name Service soared after inking a partnership with GoDaddy.
- The two tokens have lost their correlation with other cryptocurrencies.
A somber mood has engulfed the crypto industry in the past few weeks as demand for the coins has waned. But not all cryptocurrencies have plunged. I recently wrote about why Justin Sun’s Tron token has surged to its highest point since 2021. The other tokens that are doing well are Sui and Ethereum Name Service (ENS).
Ethereum Name Service’s ENS token surged to $20.77 on Tuesday, its highest point since January 19th of this year. Sui, on the other hand, has risen to $1.6 and is nearing its all-time high of $1.66. It has risen by over 134% from its lowest point this year, making it one of the best-performing cryptocurrencies.
The two coins have jumped because of their growing popularity in the crypto industry. In Sui’s case, the total value locked (TVL) locked in its ecosystem jumped by more than 123% in the past 30 days and has crossed the key resistance of $500 million. This rally makes it the 9th biggest chain in the world.
It also makes it bigger than some well-known crypto brands like Cardano, Cronos, Kava, Mantle, Algorand, and Celo. Most of these platforms have a huge market cap, with Cardano having over $17 billion. This is also a major move because Sui was launched just a few months ago and has just 25 DeFi dApps in its ecosystem. Most of its assets are being driven by Scallop Lend, NAVI Protocol, and Cetus.
Ethereum Name Service has also done well as it solidifies its role in the crypto industry, where it is the biggest domain registry. Ethereum’s co-founder, Vitalik Buterin, recently praised the network as being a vital part of the ecosystem. And in a major news on Monday, GoDaddy announced a deal to partner with it.
The goal is to ensure that domain holders in GoDaddy can connect their domains to an ETH extension. Also, it will help its customers to send and receive cryptocurrency within hundreds of applications in the crypto industry.
This is a notable thing since GoDaddy is the biggest domain and web host company in the world with over $15 billion in market cap.
Looking ahead, there is a likelihood that Sui and ENS prices will continue rising as their ecosystem booms and as they lose their correlation to the broader crypto industry.
