SUI token doubles in price relative to Bitcoin, total locked value in DeFi applications surpasses $500 million

Despite the overall stable performance of the cryptocurrency market, SUI, the native token of the eponymous Layer-1 blockchain, has nearly doubled in price relative to Bitcoin since January 1st. This network, managed by former Meta employees and previously a competitor to Diem, has seen the total locked value in its DeFi applications surpass $500 million for the first time. So far this year, only 14 cryptocurrencies, excluding stablecoins, wrapped assets, or liquidity collateral tokens, have seen an increase in their Bitcoin ratio, with Bittensor (TAO), a machine learning market token, experiencing a 60% increase, followed by Celestia's TIA, a modular data layer, with a 46% increase. The Bitcoin ratio of Astar's core cryptocurrency, ASTR, on the public Polkadot parachain, has also increased by nearly one-third.