SUI Gains Traction as ETF Progresses and SUIG Expands Ecosystem
Canary Funds is making strides toward launching a spot SUI ETF. They recently filed an updated S-1/A with the SEC. This filing includes minor administrative tweaks like a new address and ticker symbol. However, the core terms remain unchanged.
These updates signal ongoing coordination with the Cboe exchange. This is a crucial step before the SEC reviews the ETF progress.
SUIās price has seen a recovery after a sharp drop to $0.55 on October 10. The token is now trading around $2.65. However, it hasnāt reclaimed its former ascending trendline, which now acts as resistance.
SUIG, the company behind SUI, has big plans. They aim to create the āSUI Bank,ā a public crypto bank on the Sui blockchain. SUIG will reinvest 90% of its revenue back into the Sui ecosystem. This includes buying tokens, funding advancement, and boosting network growth.
SUIG has already partnered with the Sui Foundation and ethena to launch two stablecoins, suiUSDe and USDI. These stablecoins help bridge on-chain liquidity with traditional finance.
With these developments and the potential ETF launch, SUI looks poised for price appreciation in the near future.
