Bitget’s native token, BGB, surges tremendously to the 23rd spot in the global crypto ranking, following an explosive rally of 243% over the past month. 

BGB has had an incredible performance in the final days of 2024, surging by more than 200% over the past 30 days. The token, which hovered at around $1.6 last month, has soared above the $5 mark in the hours leading up to press time. 

BGB Outstanding Performance 

Prominent Chinese reporter Colin Wu first called attention to BGB’s impressive performance in a tweet earlier today. He noted that the token has soared to the 25th spot in the global crypto ranking. At the time, BGB’s market cap stood at $7.55 billion, with a token worth $5.43. 

Interestingly, BGB continued its surge, hitting a new all-time high of $5.89 today, bringing its market cap to a staggering $8.24 billion. 

However, the token has witnessed a slight dip, plunging to a price of $5.76 per token at press time. Its market cap has also dropped to $8.06 billion. 

Despite the plunge, BGB is still up 15.93% over the past 24 hours, 27.48% in one week, and 243% over the past month. At press time, BGB is ranked as the 23rd biggest token in the global crypto ranking, according to data from CoinMarketCap. 

Additionally, BGB currently boasts a trading volume of $470.04 million, reflecting a surge of 67.82% in the past day. 

Bitget Announces $2,000 Giveaway for BGB Holders  

The development comes days after the team behind Bitget announced a celebration campaign to reward members of its community with $2,000 worth of HYPE tokens. 

Per the announcement, users must hold 100 BGB tokens throughout the campaign period, from December 19 at 10:00 (UTC) to December 25, 2024, at 10:00 (UTC). 

Other requirements include joining the BGB community, completing a HYPE/USDT deposit, and trading any token amount during the campaign period. 

All BGB Holders See Profit 

Meanwhile, data from IntoTheBlock shows that all BGB holders are currently in profit following the recent price surge. Most BGB holders are long-term investors holding the token for over a month. 

Per the data, 37% of BGB holders have been holding the token for over a year, 61% for 1 to 12 months, and the remaining 2% are short-term traders holding it for less than 30 days. 

Sui, a new market entrant, is doubling down on its attempt to surpass Shiba Inu in the crypto ranking, as its market cap recently hit a new milestone.

Notably, this comes as Shiba Inu has regained bullish momentum after a notable correction last week. The second-largest meme coin by market cap has surged almost 4% in the past 24 hours, mirroring a broader market rebound.

Despite the recovery phase, SHIB has dropped three places in the market cap ranking in the past month. Bullish traction on Avalanche, Chainlink, and Toncoin has ensured the high-caliber meme coin moved to 14th place.

Meanwhile, the doggy-themed meme coin could move lower as a strong rival draws increasingly closer. SUI may be the next asset to flip Shiba Inu in market cap rankings amidst sustained bullish momentum.

Sui Nears All-Time High

The Sui network’s native token has continued consolidating around its all-time high of $4.96, achieved early in the month. The sustained momentum has seen it reclaim the $13 billion market cap, hitting $13.9 billion yesterday.

Moreover, SUI’s continued upward push has placed it in contention to flip Shiba Inu in market cap. At press time, the network’s valuation stands at $13.42 billion, less than $400 million from Shiba Inu’s $13.84 billion.

This means that SUI needs to surge less than 2% to $4.67 to surpass Shiba Inu’s market cap and rank 14th. However, this will materialize if the meme coin remains at the current valuation and does not rise alongside the market.

Will TVL Surge Push Sui Past Shiba Inu?

Meanwhile, bullish momentum continues to swell in the SUI ecosystem. The SUI token has surged a jaw-dropping 522% in the past year, with 32% of the uptick from its solid move from sub $3.5 to the current market price.

Furthermore, the total value locked (TVL) on the Sui network increased with the asset’s price. Data from DeFiLlama shows an over 10% TVL uptick to $1.788 billion in the ecosystem over the past 30 days.

Based on this, analysis suggests that SUI will target $5 next, with the expected reach at the 78.60% Fibonacci level at $5.7. Meanwhile, other commentaries asserted further upsides to $6.61 and $7.73 for SUI.

In the meantime, SUI trades at $4.59, up 2.28% in the past 24 hours.