Sui has witnessed a significant rally over the past week and has outperformed other digital assets. Here’s what’s behind the surge, according to Santiment.
Sui Rallied To A Peak Of $1.41 On Sunday
The cryptocurrency sector as a whole has seen some recovery over the last week, but a few assets have clearly stood out in terms of the returns that they have witnessed. Among these is Sui, which is up nearly 40% inside the window.
The below chart shows how the altcoin’s recent trajectory has looked.
As is visible in the graph, SUI shot up to a peak of $1.41 on Sunday. Compared to the $0.90 baseline before this rally, the run resulted in an increase of more than 56%. Though, the asset hasn’t been able to retain all of these profits, as its price has retraced back to the $1.28 mark. Nonetheless, its weekly jump of close to 40% is still among the best returns in the market.
Following the surge, Sui ranks as the 21st largest token in the sector in terms of market cap.
From the table, it’s visible that with a market cap of over $5.1 billion, Sui ranks ahead of Litecoin (LTC), which has a total valuation of about $4.5 billion. The altcoin still falls short of the stablecoin Dai (DAI), but only by around $230 million.
Now, what’s behind the sharp rally experienced by the cryptocurrency? On-chain analytics firm Santiment has provided some insight.
SUI’s Run Has Come Without A Social Dominance Spike
In a new post on X, Santiment has talked about the latest SUI price surge. According to the analytics firm, the trigger behind the rally has been Sui Group moving its entire 108.7 million tokens treasury from DeFi protocols to direct staking. This shift alone removed 2.7% of the cryptocurrency’s supply from liquid circulation.
Santiment added that there were also two other catalysts, noting “CME Group SUI futures launching May 29 (only the fifth L1 with regulated derivatives access), and Paga partnership for cross-border African payments.”
An interesting trend that has come alongside the rally is in the asset’s Social Dominance, which is an indicator tracking the percentage of social media discussions related to the top 100 tokens that involve Sui.
As displayed in the above chart, the Sui Social Dominance spiked to 0.38% before the rally, but interestingly, it remained at just 0.14% during the surge. This means that despite the impressive rally, the asset didn’t catch the attention of the masses. “The conversation isn’t outrunning the price,” said Santiment. “Institutional supply locks driving a rally look different on-chain than retail FOMO.”
