- SUI reported that the amount of native USDC stablecoin in its ecosystem just surpassed $100 million
- A recap of its network activity is worth looking at to understand what’s next
It’s been less than 2 months since SUI launched the USDC stablecoin natively on its network. That move has since yielded impressive results because the network just celebrated a major USDC milestone.
One of SUI’s latest announcements 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.
Source: DeFiLlama
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.
TVL, address activity reflect the state of the network
Speaking of all-time highs, the network’s stablecoin market cap adopted an overall uptrend in 2024. In fact, SUI’s stablecoin market cap just soared to a new historic high of $1.11 billion in the last 24 hours.
Source: DeFiLlama
The network had a TVL of $211 million towards the start of 2024. Both the TVL and stablecoin growth highlighted the network’s growing utility. These observations highlighted the budding activity that has been taking place within the network over the last 6 months.
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.
Source: Artemis.xyz
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. Perhaps, this was because addresses do not necessarily reflect volume traded.
SUI ventures into new territory
The SUI cryptocurrency has also been celebrating a new price milestone. It hit a new ATH of $2.38 during Thursday’s trading session after quickly recovering from its pullback in October.
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.
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