SUI Jumps 5% as Sui Blockchain Announces Native Stablecoins Amid Broader Rally

SUI, the native token of the Sui blockchain, surged 5% following the announcement of the launch of its first native stablecoins, USDi and suiUSDe. This performance outpaced the broader cryptocurrency market, which saw an increase of 2.5% according to the CoinDesk 20 Index. Analysts noted strong buying momentum attributed to heightened institutional interest and the introduction of SUI futures contracts on Coinbase Derivatives, slated for October 20. Additionally, the integration of SUI with the South Korean payments platform t’order has led to increased transactional activity, enhancing retail demand. During a recent trading session, SUI climbed from $3.42 to $3.58, breaking key resistance levels and establishing a new support line. This increase has brought attention to SUI as it continues to exhibit signs of bullish momentum, staying within a trading range of $0.19. With the token approaching the psychological mark of $3.60, it stands as one of the top performers in the market due to ongoing product development and strategic partnerships.

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