CRYPTO : Sui’s native token, SUI, now has over $15 billion in market capitalization, beating TON and Chainlink, making it the 12th largest cryptocurrency.
The token’s trading price has also surged, with analysts pointing to the recent network unlocking event, which saw the addition of 82 million SUI tokens, about 0.82% of the cumulative token supply.
The SUI token’s value has increased by over 1312% since its lowest price level in 2023 and by 25% in the last seven days. Additionally, its market cap is now over $15.2 billion, edging out TON and Chainlink, and it is now closely approaching the $16 billion mark.
Aside from its market cap, its 24-hour trading volume is also at its peak at $2.6 billion, while the token trades at $5.34, more than an 8% uptick in the last 24 hours.
Meanwhile, its open interest has also grown over 37% to $1.22 billion, while its total value locked stands at $2.039 billion.
SUI’s price rally in the last few days coincides with the network’s token unlocking, suggesting the release helped elevate trading prices. On January 1, 2025, the SUI network released roughly 82 million tokens, 0.82% of its total token supply.
Moreover, the token’s increased prices could be attributed to its bulked-up demand, even with its surging trading volume close to $ 3 billion.
The Sui network has also partnered with multiple firms and technologies, raising investor interest. For starters, the network is currently working with Ant Digital Technologies to expedite the adoption of real-world assets in Web3, marking the debut of tokenized assets on the platform.
It is also collaborating with Wall Street companies VanEck, Grayscale, and Franklin Templeton, boosting investor confidence in the L1 blockchain.
The network’s recent integrations are also doing fairly well, with Deepbook V3, the network’s proprietary on-chain order, recording over $1 billion in trading volume and its DEEP token climbing to a market valuation of more than $375 million.
Meanwhile, Japan’s Bitcoin proxy company Metaplanet wants to increase its Bitcoin holdings to 10,000 BTC by 2025.
The company currently holds 1,762 BTC valued at $172.42 million, a sizable amount given that it started buying BTC in May 2024. It made its biggest acquisition in December 2024, when it bought 620 BTC for $60 million at an average price of around $96,000.
While it is still far from the 10,000 BTC milestone, the company intends to rely heavily on the capital market tools it used in 2024 to raise funds for buying BTC.
It used financial instruments such as loans, convertible bonds, and equity to finance its acquisition and will likely continue on the same path in 2025.
Metaplanet’s goal is not restricted to acquiring more Bitcoin in the new year. The company also plans to launch new initiatives to boost Bitcoin adoption in Japan and increase the company’s impact within Japan and the Bitcoin ecosystem.
Although it is unclear how it intends to achieve these other objectives, Bitcoin is central to its goals. This is not surprising, given that Bitcoin adoption has catapulted the company to global recognition and made its stock the best-performing in the country.
Last year, the Metaplanet’s stock increased by 2,629% thanks to its Bitcoin strategy. It finished the year as the best-performing stock in Japan by a large margin, with its market cap growing by 126.21 billion yen ($808.4 million).
Interestingly, the company also finished 2024 with its first projected profits since 2017. It is now among the top 15 companies holding Bitcoin, and its trading volume for its stock also increased by 388 times year-over-year.
As of December 23, the company reported its BTC Yield between October 1 and December 23 as 310%, a notable difference from the 41.7% between July and September. Like MicroStrategy, the company also uses BTC Yield to determine the performance of its BTC acquisition strategy.