Sui steps lively
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 12th September 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Sui Surge Possibly Ties Into Sweet Arbitrage
A long day's journey into night led Sui (SUI) to crack $1 as it separated itself from a 90-cent-handle, and from the rest of the crypto crowd.
SUI, native asset of Mysten Labs' Web3-centric Sui blockchain, had surged 17% in 24 hours as of Thursday at 7:15 a.m. (EST).
It's nearing the elite, portico-adorned entrance to CoinGecko's Top 30 coins as SUI now has a market capitalization close to $2.8 billion.
Grayscale these days is on X promoting (the opportunity to learn more about) its private placement trust vehicle, Grayscale Sui Trust, which allows high-net-worth investors to purchase what essentially, for now, amounts to discounted SUI tokens. SUI was $1.04 at last check.
Back-of-the-envelope math based on the NAV of one share of the Sui Trust reveals a nifty bundle of about 15 SUIs per share, priced at about 90 cents per token (CoinDesk).
What's down
Litecoin Content To Laze The Week Away
Looking at the upper echelon of the cryptocurrency ranks we are struck by Litecoin's lack of luster -- flat on the day, down 7% on the week -- even as (reportedly) whales pile in.
Among Top 30 digital assets, fewer than one-third are down over the past seven days. LTC leads the losers. No 30 Monero (XMR) is next, down 3% on the week. XRP fell 2% in that span. Ethereum (ETH) and a slew of related staking tokens (STETH, WETH, WSTETH, WEETH) all lost 1.5%.
Bitcoin, slightly green today and challenging $58K, is +2% since last Thursday.
What's next
Tomorrow's Returns Here Today As Of Yesterday
Crypto bargain hunters are said to be back on the prowl and tapping leverage that is only going to get less expensive as the weeks roll on and interest rates trend lower.
Meanwhile, interest in yield remains high. Helping the cause is a DeFi platform, Pendle, which on Wednesday introduced a two-pronged instrument connected with a Bitcoin-based liquid staking token and which offers investors a fixed annualized yield of 10% as well as variable yields of as high as 45%.
Pendle's native asset, PENDLE, is the 121st-largest coin. It has a market cap of $560M. (PENDLE has gained 12% in the past day).
Partnering with Pendle in the BTC/DeFi mash-up is: Lombard, a re-staking service that, per CoinDesk, converts Wrapped Bitcoin (WBTC) to a Lombard Bitcoin (LBTC) token that can be used to capture yield; and also Corn, a relatively new Ethereum layer-2 network that uses BTC to pay usage fees, and which is being tapped by Pendle to create these pools.
Pendle splits investments into principal tokens and yield tokens. They can be traded separately, "facilitating high-yield strategies by allowing users to trade future returns," CoinDesk said.
