Sui Rallies 18%, Chases Ethereum, Solana in Total Inflows

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By José Oramas October 30, 2024 In Ethereum, GameFi, Solana, SUI, Telegram

November 17th 2023. An investor analyzing the price of SUI, the token coin $SUI on a crypto exchange sreen. — Source:AdobeStock

Sui Network has attracted US$8.6M in inflows over 24 hours, with significant asset migration from Ethereum (US$257M) and Solana (US$32.2M) in the last 30 days.
SUI coin has gained 11.2% in the past day, reaching US$2.10, and has seen a 22% monthly increase and 350% rise over the past year.
MemeFi, a Telegram game, moved its token launch from Ethereum’s Linea to Sui, leveraging Sui’s network advantages.

Solana and Ethereum fans are not going to like this one. But I’ll write about it anyway.

So, Sui Network, the prominent layer-1 that’s often called the Solana Killer, is gaining traction in the market, as Data from Artemis shows that Sui has experienced substantial inflows in the past 24 hours—reaching US$8.6M (AU$13.1M).

Top 15 inflows per chain, source: Artemis

Interestingly, Sui has experienced substantial outflows from Ethereum and Solana. In the last 30 days, around US$257M (AU$392M) worth of Ethereum assets have migrated to Sui, while around US$32.2M (AU$49.1M) are from Solana.

Meanwhile, SUI, the coin powering the Sui blockchain, is today’s largest gainer. As per data from CoinMarketCap, SUI is up 11.2% in the last 24 hours, currently priced at US$2.10 (AU$3.20). If we zoom out, we see an increase of 22% in the past 30 days and over 350% in one year, making it one of the best-performing assets in the market.

The surge comes as the developers behind MemeFi, a popular Telegram-based game, have announced a strategic change in their token launch plans, choosing to migrate from Ethereum’s layer-2 network, Linea, to the Sui blockchain.

MemeFi’s airdrop event is set to engage players directly, with a final snapshot of player activity scheduled for November 6. Players will receive tokens based on their in-game activity, with allocation specifics to be announced on November 8. To streamline the process, MemeFi has integrated with OKX Wallet, allowing players to preview potential allocations using partial data.