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Grayscale Sui Trust Boosts SUI Trading Volume
Also included in Grayscale’s latest suite, announced on August 7, is the Grayscale Bittensor Trust. The Grayscale Sui Trust is particularly significant because it’s the sole investment product dedicated to SUI. That makes the Grayscale Sui Trust the second Layer 1 blockchain-focused investment product, after similarly successful launches for Bitcoin, Ethereum, Solana and Filecoin.
Following the announcement by the trust, SUI’s price has been in a fantastic boom, doubling within a week to $1.10. This spectacular rise has given birth to discussions of Sui emulating Solana in the last market cycle, speculating it as the point of its big breakthroughs.
Sui Ecosystem Booms under the Momentary Spotlight: Is It a Strong Contender in Layer 1?
The launch of the Grayscale Sui Trust not only added to SUI’s market credibility but also attracted institutional investors’ interest. Indeed, on-chain metrics reflect this growing interest, considering the TVL in the Sui ecosystem has reached $1.15 billion. This is a 377% increase year-to-date and up 47% from last month.
If anything, the latest jump in the performance of SUI is mostly due to endorsement by Grayscale, along with the extremely fast expansion of the Sui ecosystem. Since several new entrants have come into both the Layer 1 and Layer 2 segments, the competition has started to increase. However, the recent performance of Sui indicates that it may be well-placed in such a market.
