The post Why is the SUI token price up today? appeared first on Coinpedia Fintech News
Sui, a layer-1 blockchain Network native token (SUI) surged nearly 13% today, climbing above $1.08 with a market cap of $4.35 billion. Making Sui token one of the strongest-performing major altcoins in the market.
The rally comes while Bitcoin and most major altcoins continue trading sideways. Many traders are now wondering if the reason why SUI token price went up today?
Institutional Staking Creates Supply Shock
One of the biggest catalysts behind today’s rally came from institutional accumulation and staking activity. SUI Group Holdings, a Nasdaq-listed company, moved its entire 108.7 million SUI holdings from DeFi protocols into direct staking.
That amount represents roughly 2.7% of SUI’s circulating supply.
The move significantly reduced the amount of liquid SUI available on exchanges, tightening available supply while demand increased.
This matters even more because nearly 74%
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