Increased spot volumes on Upbit may have contributed to SUI's overnight rise
According to Decrypt, Sui (SUI) witnessed a 6% increase overnight, becoming the top gainer among the top 100 coins by market cap. The rise may be attributed to a short-squeeze and increased spot volumes on South Korean exchange Upbit. This resulted in liquidations reaching their highest level in a month, totaling $2.61 million, with short orders amounting to $1.73 million. SUI was the top-traded altcoin, with nearly $800 million in volumes.
Upbit commanded the majority share of SUI's spot trading volume on cryptocurrency exchanges in the last 24 hours, making SUI the second most traded coin on Upbit. This isn't the first time a short squeeze has been accompanied by volume spikes on Upbit, but it has significantly impacted SUI's recent price action.
