Nearly $2 billion worth of SUI has exchanged hands during this period, meaning an 80% increase in just a day. This figure also accounts for 14% of the token’s circulating market cap, reflecting how strong buying interest has been.
This uptick comes just hours after the U.S. Federal Reserve cut interest rates for the first time this year. This time, the Fed slashed 25 basis points off the Federal Funds Rate while analysts expect a similar cut to be implemented at the October FOMC meeting.
This move favors a bullish outlook for cryptos as a whole as investors will chase yields on riskier corners of the market like altcoins. BNB Coin (BNB) has been spearheading altcoin season as the token just hit a new all-time high at $1,000.
Can SUI play catch-up with both BNB and Ethereum (ETH) and rise above $5? On-chain data shows some worrying trends that may slow down SUI’s climb.
