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Sui ($SUI), the 11th-ranked digital asset by market capitalization, has made notable gains in the last 24 hours. $SUI’s gains in the cryptocurrency market outrank those of other top coins like Dogecoin ($DOGE) and Cardano ($ADA), which are ranked eighth and ninth, respectively.
$SUI breaks $3 before slight pullback
According to CoinMarketCap data, $SUI has made an average 1.56% gain to push its price up to $2.96. The coin posted more than a 2% gain in earlier trades, as its price flipped the $3 mark to hit $3.13 before witnessing a slight correction.
$SUI still has the potential to rebound to the $3 zone as investors are actively engaging with the coin. The trading volume has recorded a 16.71% uptick to $2.7 billion, and amid the bullish rally, there is potential for more activity.
$DOGE and $ADA, on the other hand, have not registered gains as both coins are on a downward slope. $DOGE has seen its price plunge by 6.79% to $0.1705, and $ADA dipped by 4.59% to $0.6721 within the same time frame.
The development suggests investors favor $SUI in the crypto market over the leading meme coin, Dogecoin. The meme coin has continued to face rejection at $0.18.
Cardano has not inspired investors despite its 9.19% growth in the past seven days. Market participants could have considered that despite the slight increase, $ADA continues to fluctuate around the $0.75 price mark, which the coin slipped from nearly 30 days ago.
Utility focused projects takes the win
$SUI’s performance might be related to its partnership with corporate bodies looking to facilitate the assimilation of real-world assets on a global scale. This increases the utility of the native coin of the layer-1 blockchain.
On the other hand, $DOGE has been dealing with significant price movement risks as it continues to trade under $0.17, which is now a resistance level for the meme coin.
$ADA might have been struggling as the Cardano development team continues to scale the blockchain's original roadmap. However, holders expect a shift now that Charles Hoskinson claims "Cardano is complete."