According to data from DeFiLlama, USDC is currently the dominant stablecoin in the SUI ecosystem, with a market share of 72.23%. The total market capitalization of stablecoins in this network reached 388.03 million dollars at the time of writing. In comparison, in January 2024, the market capitalization of SUI was just below 6 million dollars.
Source: DeFiLlama
The market capitalization of SUI's stablecoins has grown strongly, with an increase of 88 million dollars after ending October at 300.24 million dollars. Previously, the network had reached an all-time high (ATH) of 438.64 million dollars in October.
Key indicators reflecting the strength of the network
The market capitalization of SUI's stablecoins continues to trend strongly upward in 2024. In the past 24 hours, the market capitalization of the network's stablecoins reached a new historical high of 1.11 billion dollars.
Source: DeFiLlama
This network also recorded a total value locked (TVL) of 211 million dollars at the beginning of 2024. The strong growth of TVL combined with the increase in the circulating supply of stablecoins indicates the increasing utility of the SUI network, reflecting robust development in ecosystem activities over the past six months.
This is reinforced by the increase in the number of daily active addresses on the network. Before May, SUI had less than 30,000 daily active addresses. However, since May, this number has skyrocketed, peaking at 2.5 million addresses in the fourth week of May.
Source: Artemis.xyz
The number of daily active addresses continues to rise sharply in September, reaching 1.8 million addresses. However, in the past three days, this number has dropped below 800,000 addresses, although TVL and the amount of stablecoins continue to grow. This indicates that the number of addresses does not necessarily correlate with the transaction volume on the network.
Potential for continued growth
SUI has also just reached a new price milestone, hitting an all-time high of 2.38 dollars during trading on Thursday, after quickly recovering from the price correction in October.
SUI 4-hour price chart | Source: Tradingview
The RSI index analysis shows that SUI has not yet entered the overbought zone, opening up opportunities for further growth. However, it should be noted that the current price has encountered some resistance near the previous ATH.
Although a strong profit-taking pullback may occur causing SUI's price to adjust, with the increasing utility of the network and high demand for this native cryptocurrency, SUI could continue to expand its upward momentum and achieve new higher price levels in the future.
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