Key Points
- SUI token reached a new ATH earlier today above $3.12, amidst a network performance increase.
- Also, Sui lending protocol Scallop (SCA) recorded a surge of over 84% in the past 7 days.
Sui (SUI) token recorded a new ATH earlier today after the network saw key indicators reaching historical highs during the past week.
SUI Reached a new ATH, Surging by 30% Today
At the moment of writing this article, SUI is trading at $3.02, up by almost 30% in the past 24 hours.
Earlier, SUI reached a new ATH, topping $3.12, after an ascendant trajectory recorded during the past week.
SUI debuted a price surge on November 6, kicking off a rally from $1.96, and seeing an accelerated price surge today, which took the token to new record highs. At the moment of writing this article, SUI’s market cap is almost $8.6 billion.
It’s also worth noting that the Sui lending protocol Scallop (SCA) has also seen a significant price increase in the past 7 days.
Scallop (SCA) Surged Significantly in the Past Week
SCA recorded an 85% price surge in the past week that also debuted on November 6, and reached a peak today at $0.52.
At the moment of writing this article, SCA is trading above $0.5, up by 23% today.
Scallop is the peer-to-peer Money Market for the Sui ecosystem and it’s also the first DeFi protocol to receive an official grant from the Sui Foundation.
Recent Sui Achievements
On November 8, the team at Sui re-posted a message from Blockworks via X, highlighting the recent Sui wave.
Blockworks noted that over the past month, there were more Sui network key performance indicators that have made new ATHs.
These include DEX volumes, transaction fees, and TVL – all of them reaching record levels for the network.
In October, the monthly spot DEX volume on Sui reached a new ATH close to $5 billion.
Also, a number of apps on the network benefitted a lot from this surge in activity, one of them being Cetus Protocol which settled more than $4 billion in monthly spot volume and held the dominant market share (over 90%) by both volumes and TVL amongst Sui DEXs.
Also, Sui’s money markets are heating up with both TVL and borrows outstanding at ATHs across the three leaders: Navi Protocol, Suilen Protocol, and Scallop, as mentioned above.
Also, over the past three months, Sui has become the 3rd largest chain by net inflows with more than $428 million, behind Base and Solana.
These flows show that more money is moving into the network, benefitting Sui’s apps with more deposits and volumes.
Also, on November 8, SUI officially crossed $100 million in native USDC, less than 2 months after launching.
Sui also announced the NS token will go live on November 14. Sui Name Service (SuiNS) included the Web3 identity for all things Sui, as noted by the team via X.
The upcoming transition to a decentralized model shows the team’s commitment to building SuiNS into a robust public good.
