SUI, a token backed by Mysten Labs, created a buzz in the broader crypto market on Monday as its on-chain data revealed a significant milestone – surpassing Bitcoin in Total Value Locked (TVL). According to insights from a DeFi protocol tracking platform, $SUI has now secured the 13th position globally among all chains, igniting optimism for its native token, evident in today’s price surge.
Meanwhile, Bitcoin’s TVL, following its approval for an ETF, seems to be gradually declining, aligning with the recent sharp drop in its price. Additionally, the token’s TVL shows a slight decrease, corresponding with its market downturn.
SUI Surpasses Bitcoin in TVL Post-ETF Approval
According to on-chain data disclosed by DefiLlama, the SUI token outpaced Bitcoin’s TVL on January 14. Moreover, after SUI’s positive momentum in the market yesterday, today’s charts indicate an even more significant uptick.
Remarkably, as per DeFiLlama’s data, the token crossed the $300 million mark just 48 hours after reaching $250 million, showcasing substantial achievements for the platform. Social media posts on SUI’s handle also hinted at an upcoming integration of the Solend protocol on Suilend, contributing to the ongoing momentum. Presently, the token’s TVL stands at an impressive $334.94 million, gaining notable global attention.
In contrast, Bitcoin’s TVL is at $292.2 million today, down from $295.63 million yesterday. This decline contradicts the positive sentiments building up after the ETF approval. Yet, Bitcoin’s TVL, aligning with the token’s price decrease post-approval, further highlights the stark difference in their rankings. The total value of assets locked on SUI’s blockchain surpasses that of Bitcoin, signaling increased confidence and trust in the SUI token among crypto market participants. Correspondingly, SUI appears to be gearing up for a price rally, evident in its recent price chart movements.
SUI Price Records Noteworthy Surge
At present, the SUI price has experienced an impressive surge of 11.38% in the last 24 hours, trading at $1.40. Over the past week, its price has recorded a notable upswing of 82.16%, capturing the interest of crypto traders and investors.
