Sui is riding a wave of bullish momentum as its native ecosystem metrics surge, with the stablecoin market cap once again approaching its recent all-time high.
Sui (SUI) has climbed nearly 29% in the past week and 70% over the last 14 days, outperforming the broader crypto market, which gained just 1.3% in the same timeframe. This rally comes as activity on the Sui network shows steady growth. As per DeFiLlama data, the total stablecoin market cap on Sui has rebounded to $886 million, just $2 million short of its all-time high set earlier this week.
In the past year, stablecoin inflows into the network have been rising. According to an Apr. 28 post on X by on-chain analyst Torero Romero, 29% of Ethereum (ETH) outflows through the Wormhole Bridge over the past year have been directed to Sui. This establishes the network as a growing alternative layer-1, despite Ethereum’s continued dominance and a robust developer ecosystem.