The blockchain is emerging as a serious Layer-1 competitor to Solana, backed by a 54% two-year growth in developer activity, according to Electric Capital.
Earlier today, SUI, the native cryptocurrency of the Sui blockchain network, surged past $3 as Lion Group Holding Ltd. (LGHL) announced that it would include this cryptocurrency as part of its $600 million crypto treasury. The company unveiled its strategy last week on June 26, following which, the SUI price has surged by 15% on the weekly chart.
In the last 24 hours, SUI saw a small setback, dropping by almost 5% but still in the green over the week. Yesterday, on Thursday, July 3, 2025, the cryptocurrency established firm support at $2.87 early before rallying sharply on high trading volume. Sui is increasingly seen as Solana’s primary rival in the Layer-1 blockchain space.
Currently, SUI is outperforming the broader crypto market, which is up by almost 10% over the past week at the time of writing. A recent report from Electric Capital highlighted a 54% growth in developers on the Sui network over the past two years, bucking the broader trend of developer attrition across most crypto ecosystems.
Crypto trader Johnny has expressed strong bullish sentiment on SUI, calling it “one of the most bullish alts” during the recent altcoin rally. He believes that if the broader altcoin market surges again, SUI is poised to be a standout performer. “$SUI looks insane… Sui about to rip hard,” Johnny stated, projecting a potential move toward the $10 mark.
Over the past week and so, SUI has been dominating the momentum SUI is demonstrating solid momentum, backed by strong developer activity and growing institutional interest, including from firms like Grayscale. However, the recent unlock of $119 million SUI tokens has introduced a wave of short-term caution, as reported by CNF earlier.
Notably, the SUI network is set to unlock $119 million worth of tokens on Monday, accounting for 56% of all token unlocks scheduled across various projects next week. According to Tokenomics data, the total estimated value of these upcoming unlocks stands at approximately $212 million.
The SUI blockchain network is recovering from the recent hack incident of its native Cetus protocol. Following the hack, the SUI team unveiled a $10 million initiative aimed at bolstering the security of its ecosystem, as mentioned in our previous article. The team emphasized the importance of adopting a “holistic perspective” to enhance overall safety and reliability across the network.
The funding will be directed toward several key areas, starting with comprehensive smart contract audits, rigorous evaluations of both existing and future contracts designed to identify vulnerabilities before malicious actors can exploit them.
Read more on Crypto News Flash
