Sui Network (SUI) increases by over 43% in a month following USDC integration

Sui Network Token Surges, Outperforming Peers

The SUI token of the Sui Network has witnessed a remarkable 6.5% price surge over the past 24 hours, eclipsing popular cryptocurrencies like PEPE and Monero in terms of market capitalization, trading volume, and the volume-to-market cap ratio.

Fueled by significant trading activity, the daily volume of SUI has soared by over 15%, reaching an impressive $561 million. This surge in value follows an important announcement from Circle, the company behind the stablecoin USD Coin (USDC).

Circle will be integrating its USDC onto the Sui network through the Cross-Chain Transfer Protocol (CCTP). This development will facilitate seamless transfers of USDC across multiple blockchain platforms, offering users enhanced flexibility and interoperability.

Technical analysis suggests that SUI has broken out of an expanding wedge pattern, signaling a bullish trend. The token has risen to $1.18, its highest price point since April, showcasing increased trading activity. At the time of writing, SUI is valued at $1.17.