A recap of how Sui has been fairing now that the markets are heating up. A cocktail of new highs and healthy activity...
launched the USDC stablecoin natively on its network. That move has since yielded impressive results because the network just celebrated a major USDC milestone.revealed that the amount of USDT operating natively on the network just crossed the $100 million milestone. This is a sign of the rapid pace at which the network’s DeFi ecosystem has been growing.
According to DeFiLlama, USDC was the most dominant stablecoin in the SUI ecosystem with a share of 72.23%. Here, it’s worth noting that the network’s total stablecoin marketcap was $388.03 million, at the time of writing. For context, SUI’s market cap was less than $6 million in January 2024.SUI’s stablecoin market cap has so far regained $88 million after closing October at $300.24 million. It previously achieved an ATH of $438.64 million in October.
Activity on SUI underlined the surge in in daily active addresses during the six-month period. The network averaged less than 30,000 daily active addresses before May. However, daily addresses surged quickly and peaked at 2.5 million addresses by the fourth week of May.Daily active addresses also spiked in September to as high as $1.8 million addresses. They have since declined to less than 800 million daily active addresses in the last 3 days though, despite the surge TVL and stablecoin count.
At press time, SUI was not yet in overbought territory, according to the RSI. What this means is that there might be room for more upside. However, it is also worth noting that its price range saw some resistance near its previous ATH. Heavy profit-taking could pull back SUI from more gains. However, the network’s growing utility and strong demand for its native crypto suggested that SUI may also extend its upside to new highs.Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis.
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