【upbit exchange】$SUI hits $5.34, becoming the 12th largest crypto with a $15.98B market cap

Sui’s native token,upbit exchange SUI, now has over $15 billion in market capitalization, beating TON and Chainlink, making it the 12th largest cryptocurrency.

The token’s trading price has also surged, with analysts pointing to the recent network unlocking event, which saw the addition of 82 million SUI tokens, about 0.82% of the cumulative token supply,

The SUI token sees a remarkable start to 2025

The SUI token’s value has increased by over 1312% since its lowest price level in 2023 and by 25% in the last seven days. Additionally, its market cap is now over $15.2 billion, edging out TON and Chainlink, and it is now closely approaching the $16 billion mark.

Aside from its market cap, its 24-hour trading volume is also at its peak at $2.6 billion, while the token trades at $5.34, more than an 8% uptick in the last 24 hours.

Meanwhile, its open interest has also grown over 37% to $1.22 billion, while its total value locked stands at $2.039 billion.

SUI’s network token unlocking, heightened demand, and collaborations have helped push its trading price

SUI’s price rally in the last few days coincides with the network’s token unlocking, suggesting the release helped elevate trading prices. On January 1, 2025, the SUI network released roughly 82 million tokens, 0.82% of its total token supply.

Moreover, the token’s increased prices could be attributed to its bulked-up demand, even with its surging trading volume close to $ 3 billion.

The Sui network has also partnered with multiple firms and technologies, raising investor interest. For starters, the network is currently working with Ant Digital Technologies to expedite the adoption of real-world assets in Web3, marking the debut of tokenized assets on the platform.

It is also collaborating with Wall Street companies VanEck, Grayscale, and Franklin Templeton, boosting investor confidence in the L1 blockchain. The network’s recent integrations are also doing fairly well, with Deepbook V3, the network’s proprietary on-chain order, recording over $1 billion in trading volume and its DEEP token climbing to a market valuation of more than $375 million.