By
Chimamanda U. Martha
June 28th, 2024
Sui Generis seeks to expand its presence, outdo its previous accomplishments, and build “a phenomenon never seen before on any blockchain”.
The SUI token outperformed leading cryptocurrencies in the digital asset space, jumping more than 4% in the past 24 hours, reaching as high as $1.1677 amid growing adoption and increasing total value locked (TVL) since launch.
SUI is the native token of the Sui blockchain and witnessed a 12.28% surge in trading volume in the past day, which currently stands at $215 million. The price of the token as of 5:35 a.m. ET Friday stands at $1.15 with a market capitalization of $2.78 billion.
It is important to note that in the past 7 days, the price of the SUI token went up by 14.34%, while in the past month, it was up 10.63%. Further, a 45.74% surge was witnessed in a year, with an all-time low of $0.3643 witnessed on October 19. On the other hand, the all-time high was seen in March at a price of $2.18, and SUI is 46.92% off from the ATH.
The daily chart of the SUI/USDT pair shows five consecutive bullish candles, but the volume is significantly lower as compared to earlier this year. The relative strength index (RSI) of the token reads a value of 60.32, indicating that the bulls are currently in control of the price action. The rising prices suggest that the token can enter the overbought region in the near future.
- TradingView
Moreover, as per the data from DefiLlama, the TVL of the Sui blockchain has been on the rise since May 2023, beginning at $21.52 million and reaching as high as $751.33 million in March 2024. The stablecoin market capitalization of Sui stands at $398.83 million.
Sui Generis to Debut Art Ecosystem
According to a post on social media platform X, Sui Generis, a decentralized autonomous organization (DAO) and hub of NFTs on Sui Network, is set to “build a new kind of thriving art ecosystem that gives back to artists and their fans,” using Sui blockchain.
A blog stated that Sui Generis, which was previously known as Tombheads on Fantom and then migrated to Sui, seeks to expand its presence, outdo its previous accomplishments, and build “a phenomenon never seen before on any blockchain.” “Crypto might not be for everyone, but everyone loves art,” said co-founder and CEO Gab9, while adding:
“Our goal is to onboard non-crypto people who love art, and change the view that people have from physical to digital arts.”
Sui is also partnering with Aftermath Finance to develop fractionalized NFTs for its primary collection, consisting of eight characters with eight phases of evolution each. “When we offer an NFT, we want them to have utility,” added Gab9.
