Amid the broader cryptocurrency recovery, the SUI blockchain has experienced a notable surge, ascending over 16% in value within the last 24 hours.
As the broader cryptocurrency market experiences a recovery, the SUI blockchain has seen a substantial surge, increasing by over 16% in value over the last 24 hours. This rise coincides with the launch of the Grayscale Sui Trust, a significant development in the token’s market trajectory.
Grayscale, a leading provider of digital asset investment vehicles, has announced the commencement of its Grayscale Sui Trust. This new trust follows the operational structure of existing spot Bitcoin and Ethereum ETFs, focusing on the SUI blockchain.
The Grayscale Sui Trust is designed for eligible accredited investors seeking exposure to $SUI, a third-generation blockchain aiming to address scalability and transaction costs.
Click below to learn more about Grayscale Sui Trust or reach out to us: https://t.co/WgCAFA7E8L pic.twitter.com/gic7kJDzF6
— Grayscale (@Grayscale) September 11, 2024
The Trust has an asset base of approximately $892,213 and caters specifically to institutional investors, enhancing market liquidity for the token. Notably, the launch of the Grayscale Sui Trust is a significant event in the present scenario, where the cryptocurrency market is still experiencing recovery.
For instance, SUI, a layer one blockchain founded by former Meta blockchain architects, has seen a consistent rise in its daily average trading volume. As reported on CoinMarketCap, it surged by 113% to roughly $527.31 million, likely due to increased market trading and investment interest.
Technical Indicators and Market Sentiments
From a technical perspective, the token has been encountering a major resistance level, currently priced at around $1.03. This level has been tested on several occasions since the crypto market downturn on August 5, but no previous breakthroughs have been observed.
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