The native token for the Layer-1 blockchain network, Sui, has emerged as the best-performing cryptocurrency in 2024, overtaking The Open Network (TON) token Toncoin. Sui has seen a gain of over 6% in the past 24 hours and a 170% increase this year, reaching a value of $2.265. The token has entered the top 20 cryptocurrencies by market cap with over $6 billion. Sui's success can be attributed to increased activity on its network, with substantial transaction volumes and funds flowing into the ecosystem. It is currently ranked 7th in total value locked (TVL) with $1.134 billion. The recent listing of an SUI Trust by Grayscale has also contributed to its performance. However, concerns have been raised about insider sell-offs and the unlocking of a significant amount of SUI in the coming weeks, which could impact the token's price.



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