Sui has experienced an over 20% increase in the past 24 hours, reaching its greatest price in six months, in response to favorable news from the cryptocurrency exchange Bybit
On October 7, Bybit announced its support for Sui as a native ecosystem pool token, which coincided with the token’s significant increase in value.
Bybit Launchpool has implemented support for SUI
The market was anticipating a hectic week in the macroeconomic environment and was currently bullish. It also appears that weak hands have exited during the sell-off that occurred last week in response to geopolitical events.
Sui may have experienced some benefit as a result of Bybit’s decision to augment its ecosystem token pools with SUI. Sui on Bybit Launchpool provides the initial mining pool for a token that is not part of the Mantle ecosystem.
Bybit is also a top-tier exchange that lists the Sui project NAVI and supports SUI staking.
SUI’s gains surpass those of the most prominent coins
SUI has experienced a 20% increase in the past 24 hours, which follows a 115% increase in September. Bitcoin Bitcoin btc 0.98% Bitcoin traded to above $63,700 and Ethereum Ethereum eth -0.08% Ethereum reclaimed $2,480, as the token also continued to rise after a recent decline.
It is worth noting that the price of Sui has increased since it reached a low point of approximately $0.53 on August 6. This has been accompanied by a significant increase in the total value secured in recent weeks.
SUI TVL is presently the 9th largest chain by TVL, as indicated by DeFiLlama data, with a value of $1.58 billion.
Bulls were able to surpass $2 during the U.S. trading session on Oct. 7. Sui was one of the largest daily gainers, along with NEIRO and MOG tokens, as the purchasing momentum caused it to retest $2.09.
On March 27, 2024, SUI achieved its all-time high of $2.17, marking the last time it breached the $2 threshold.