SUI spikes 50% amid staking moves, zero-fee stablecoins, privacy push

Adeniyi Abiodun, co-founder of Mysten Labs, announced at an event in Miami plans for zero-fee stablecoin transfers on Sui and reiterated the ambition to add private transactions.

Sui network’s native token, SUI, has climbed 50% over the past seven days after a Nasdaq-listed company staked a large portion of the token’s supply and developers announced upcoming features, including zero-fee stablecoin transfers and private transactions. 

SUI traded around $0.94 on May 4 before climbing to $1.41 on Sunday, according to CoinGecko. Over the same timeframe, trading volume surged from more than $213 million to over $2.5 billion. 

Ryan McMillin, co-founder and chief investment officer of Australian crypto investment manager Merkle Tree Capital, told Cointelegraph the rally has likely been driven by multiple reinforcing catalysts.

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