Just under 60 days since the launch of the USDC stablecoin directly on the SUI network, the platform has witnessed significant progress, recently marking a significant milestone with USDC.
In a recent update, it was announced that the volume of USDT on the native SUI network surpassed the $100 million mark, indicating the rapid expansion of the network’s DeFi ecosystem.
According to data from DeFiLlama, USDC emerged as the predominant stablecoin within the SUI ecosystem, commanding a share of 72.23%. As of the latest data, the total market cap of stablecoins on the SUI network stood at $388.03 million. To put this growth into perspective, back in January 2024, SUI’s market cap was recorded at under $6 million.
After ending October at $300.24 million, SUI’s stablecoin market cap has rebounded significantly, gaining $88 million. The network previously achieved an all-time high of $438.64 million in October.
TVL and Address Activity Reflect Network Status
Discussing record-breaking achievements, the stablecoin market cap of the network showed a consistent upward trend in 2024. Recently, the stablecoin market cap on the SUI network soared to an unprecedented $1.11 billion in the past 24 hours.
At the onset of 2024, the TVL on the network amounted to $211 million. Both the TVL and the growth of stablecoins underscored the increasing utility of the network, showcasing the surge in activity over the past six months.
The activity on SUI highlighted a substantial increase in daily active addresses over the six-month period. Before May, the network saw an average of under 30,000 daily active addresses. However, the count surged rapidly, peaking at 2.5 million addresses by the fourth week of May.
In September, daily active addresses spiked to reach a peak of 1.8 million addresses. Although the numbers have since dropped to less than 800 million daily active addresses in the last three days, despite the surge in TVL and stablecoin count, signaling that address count may not directly mirror trading volume.
SUI Explores New Horizons
The SUI token has also hit a significant new high in price, reaching an all-time high of $2.38 in the latest trading session, following a rapid recovery from the pullback in October.
As of the latest update, the RSI indicates that SUI has not yet entered the overbought zone, suggesting potential for further upward movement. Nonetheless, there has been notable resistance near its previous all-time high within its price range.
A substantial amount of profit-taking could potentially hinder SUI’s upward momentum. However, with the network’s expanding utility and strong demand for its native cryptocurrency, SUI might still push towards new peaks.