Sui price soars as Bybit adds SUI on Launchpool

Sui rose by more than 20% in 24 hours, reaching its highest price level in six months, following positive news from crypto exchange Bybit.

Bybit announced support for Sui (SUI) as a native ecosystem pool token on October 7, which coincided with a rapid increase in the value of the token.

Bybit Launchpool adds SUI support

The market was trending upward ahead of a busy week in the macroeconomic environment. Weak hands also appear to have emerged amid a sell-off tied to geopolitical events last week.

Part of this increase for Sui can be attributed to Bybit expanding its ecosystem token pools by adding SUI. Sui on Bybit Launchpool offers the first mining pool for a token not in the Mantle ecosystem.

Bybit also supports SUI staking and is one of the top exchanges listing the Sui project NAVI.

Gains show SUI outpaces leading cryptocurrencies

SUI’s 20% rise in the last 24 hours follows a 115% rise in September. The token continued its rise after the recent decline as Bitcoin (BTC) traded above $63,700 and Ethereum (ETH) retook $2,480.

It is noteworthy that the price of Sui has been trading higher since its bottom at around $0.53 on August 6. In recent weeks this has coincided with a sharp increase in the total value locked. DeFiLlama data showed that SUI TVL reached $1.58 billion, which currently makes it the 9th largest TVL chain.

In terms of price, the bulls managed to break above $2 during the US trading session on October 7. Buying momentum saw Sui retest $2.09, one of the biggest daily gainers alongside NEIRO and MOG tokens.

The last time SUI broke below $2 was on March 27, 2024, when it reached an all-time high of $2.17.