SUI, the Layer-1 blockchain and smart contract platform, has made remarkable gains in the crypto market. In a notable move, Sui has flipped Solana (SOL) regarding the total number of transactions. Sui price too has made some interesting moves.
Comparison Between Sui and Solana’s Daily Transaction
Per the on-chain analytics platform Trading Copter on X, this marks the first time Sui has attained such a level. Sui’s total transactions stood at 58.37 million. This figure is over 20 million more than Solana’s total transactions, which came in at 35.41 million.
This notable flip occurred between October 3 and October 5. On October 3, Sui’s transaction figures were lower than 10 million compared to Solana’s, which was well over 40 million transactions. However, Solana has gradually declined since it recorded the transaction on October 4.
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This explosion in SUI daily transactions is uncommon and has drawn commentary in the broader crypto space. It has also been accompanied by a jump in SUI price.
Despite SUI’s latest advances, Solana’s daily transaction figure has remained relatively stable, at approximately 40 million. Its daily transaction figures have never dropped below the 35 million benchmark. Comparatively, Sui has never recorded more than 5 million daily transaction figures. Hence, the flip came as a shock to market watchers.
Historically, Solana is known for its high transaction speed and scalability. Similarly, the blockchain is considered a top protocol regarding transaction volume. So, a relatively newer blockchain that surpasses Solana signals an unusual adoption for SUI.
Key Drivers Behind SUI’s Transaction Surge
Analysis shows that the trigger behind SUI price rise and daily transaction boost lies in several significant developments on the blockchain. These include Sui’s new technology, institutional adoption, and memecoin explosion.
In a milestone development, Sui launched an infrastructure named the SCION at the beginning of this month. The technology serves as a secure alternative to the Broader Gateway Protocol. The launch aims to address the challenges of internet routing risks in Web3.0.
Overall, SCION aims to optimize network latency, security, and reliability. With the security issues addressed, users can confidently carry out transactions on the blockchain. Similarly, network reliability has sparked an increase in daily transactions.
Interestingly, Sui is beginning to attract institutional investors. This follows the launch of the Grayscale SUI Trust in August 2024. With this product, accredited investors can gain exposure to Sui, adding to the increased daily transactions.
Furthermore, the Sui ecosystem has recorded a memecoin frenzy in recent times. With tokens like Sudeng, BLUB, and Fud The Pug, the retail hype has grown remarkably. Data from Coingecko shows that the SUI memecoin ecosystem has rallied by 32% in 24 hours with a market cap of $316.8 million.
The memecoin interest from users has added to the improved transaction rate.
SUI Price Market Cap Soar
With the latest rally, Sui price has seen a bump in its market value in the past weeks. In September, Sui ranked as the 28th-largest cryptocurrency by market capitalization. However, following its latest boost, its market cap has climbed to 19th and is now worth $5.7 billion.
With Sui’s increasing popularity among traders and investors, market watchers are optimistic that it could shock the ecosystem. Sui price is at $2.09, a significant 18.52% surge in 24 hours.
There are projections that if Sui price maintains its current trajectory, its market cap could soon catapult it into the top ten cryptos.
