Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Sui (SUI), the 11th-ranked digital asset by market capitalization, has made notable gains in the last 24 hours. SUI’s gains in the cryptocurrency market outrank those of other top coins like Dogecoin (DOGE) and Cardano (ADA), which are ranked eighth and ninth, respectively.
SUI breaks $3 before slight pullback
According to CoinMarketCap data, SUI has made an average 1.56% gain to push its price up to $2.96. The coin posted more than a 2% gain in earlier trades, as its price flipped the $3 mark to hit $3.13 before witnessing a slight correction.
Godfrey BenjaminSUI still has the potential to rebound to the $3 zone as investors are actively engaging with the coin. The trading volume has recorded a 16.71% uptick to $2.7 billion, and amid the bullish rally, there is potential for more activity.
DOGE and ADA, on the other hand, have not registered gains as both coins are on a downward slope. DOGE has seen its price plunge by 6.79% to $0.1705, and ADA dipped by 4.59% to $0.6721 within the same time frame.
The development suggests investors favor SUI in the crypto market over the leading meme coin, Dogecoin. The meme coin has continued to face rejection at $0.18.
Cardano has not inspired investors despite its 9.19% growth in the past seven days. Market participants could have considered that despite the slight increase, ADA continues to fluctuate around the $0.75 price mark, which the coin slipped from nearly 30 days ago.
Utility focused projects takes the win
SUI’s performance might be related to its partnership with corporate bodies looking to facilitate the assimilation of real-world assets on a global scale. This increases the utility of the native coin of the layer-1 blockchain.
Mushumir ButtOn the other hand, DOGE has been dealing with significant price movement risks as it continues to trade under $0.17, which is now a resistance level for the meme coin.
ADA might have been struggling as the Cardano development team continues to scale the blockchain's original roadmap. However, holders expect a shift now that Charles Hoskinson claims "Cardano is complete."
Vladislav Sopov
Dan Burgin