SUI has added 14% to its value over the last 24 hours to become the top gainer among the top 100 crypto assets by market cap, data from CoinGecko shows. Other big altcoins that have posted considerable gains include Near Protocol, which is up 8% to $1.21; Toncoin, which has increased by 5% to $1.44; and Shiba Inu, which has gained 7.3% to trade at $0.0000084.
Meanwhile, the two leading digital currencies, Bitcoin and Ethereum, are up 1.8% and 2.4% to change hands for $26,411 and $1,680, respectively. It is worth mentioning that Bitcoin fell below the $26,000 crucial support level earlier today, but the bears could not sustain the downward momentum.
SUI Records New Weekly High
SUI’s value appreciated by over 25% last week, moving from $0.48 to $0.57 following the Sui Foundation’s announcement that it will financially support the development of 16 projects being built on the Sui blockchain. The organization said it had set up a developer grant worth $900,000.
Today, SUI has crossed above $0.57, reaching $0.61 as of this writing. The current price becomes the new weekly peak price.
SUI’s Wednesday rally caused liquidations and an increase in spot volumes on Upbit, a South Korean crypto exchange. The crypto asset has now posted $2.16 million in monthly liquidations, with $1.7 million of the figure being short orders, per data from Coinglass.
What is Fueling the Rally?
This data suggests that the latest SUI rally could have been fueled by a short squeeze. For beginners, a short squeeze is a scenario where a cryptocurrency’s price increases as a result of short sellers getting forced to place buy orders to prevent liquidation.
The SUI token was also traded heavily on Binance futures. Its trading volume was higher than SOL and XRP, indicating that short traders who bought the crypto asset on Binance contributed to today’s rally.
Meanwhile, SUI has been the second most traded token on the Upbit crypto exchange since Tuesday, trailing only behind Bitcoin, which has a 24-hour trading volume of $61.5 million. SUI’s volume stands at $59 million.
This isn’t the first time the crypto market has seen a short squeeze followed by increased trading volume on Upbit. 1inch, Bitcoin Cash, and Aptos are among the tokens that recently caused some short sellers to place buy orders to avoid getting liquidated.
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