SUI Price Hits New All-Time High Total Value Locked Grows, Backpack Joins Forces with Sui Network

The price of the native token of the Layer-1 blockchain Sui (SUI) has soared by more than 23.8% in the last 24-hour period to now stand at $4.69, after hitting a new all-time high around $4.9 following an announcement on the integration of Backpack with the Sui network.

The announcement details that Backpack, a leading exchange and wallet, will integrate Sui into its platform, where it serves users from more than 150 countries that traded more than $60 billion since the platform was launched a year ago.

The price of SUI is up more than 60% over the last 30 days and more than 620% over the last 12-month period. A year ago, the cryptocurrency was trading at around $0.65 and had a market capitalization of around $675 million. Now, SUI is trading at $4.69 and has a $13.75 billion market capitalization.

The price rise also comes at a time in which the total value locked (TVL) on the Sui network has been growing exponentially, along with trading volumes on its decentralized exchanges. According to DeFiLlama, data, SUI’s total value locked is now near $1.8 billion, while trading volumes often range above $400 million a day.

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The growth comes at a time in which cryptocurrency investment products have been seeing their highest weekly inflows ever. Investors poured $3.85 billion into these funds last week amid the ongoing cryptocurrency market rally.

According to CoinShares’ Digital Asset Fund Flows report, Bitcoin-focused investment products saw a $2.56 billion inflow last week. Products offering exposure to Ethereum’s Ether, the second-largest cryptocurrency by market capitalization, saw $1.15 billion inflows, a record high for these products.

Products offering exposure to the native token of the XRP Ledger, XRP, also stored out with $134.3 million inflows, nearly half of the $275 million inflow these products have seen year-to-date, according to the report.

The price of XRP surged more than 11% over the past week to hit a near $2.65 high before correcting along with most other digital assets. The cryptocurrency saw an exponential rise over the past month, surging by 337% in the period from around $0.55 to a $2.9 high. At the time of writing, XRP is trading at $2.4.

Investment products offering investors exposure to Cardano’s ADA, which also saw a significant price surge over the last 30-day period, saw $5.2 million inflows, around one-quarter of the inflows these products have seen so far this year.

Featured image via Pexels.