- 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
As a seasoned analyst with years of experience in the ever-evolving world of cryptocurrencies, I must say that SUI’s recent achievements are nothing short of impressive. The rapid growth of their USDC stablecoin market cap is a testament to the robustness and potential of their DeFi ecosystem.
Just over two months ago, SUI introduced native support for the USDC stablecoin on their platform. Since then, this decision has proven to be quite successful as the network recently achieved a significant milestone with the USDC stablecoin.
Recently, it was announced that the value of USDT running directly on SUI’s network surpassed the $100 million mark, demonstrating the swift expansion of its decentralized finance (DeFi) ecosystem.
As per DeFiLlama’s data, USDC is the leading stablecoin within the SUI system, holding a significant share of approximately 72.23%. It’s important to mention that at the time this information was gathered, the total market capitalization of all stablecoins in the network was around $388.03 million. For perspective, the overall market cap of SUI was only about $5.96 million back in January 2024.
The market value of SUI’s stablecoin has rebounded by approximately $88 million since the end of October, which was $300.24 million. Earlier in October, it had reached its all-time high (ATH) at $438.64 million.
TVL, address activity reflect the state of the network
2024 saw the total market capitalization of the network’s stablecoins consistently rising. Intriguingly, the market cap for SUI’s stablecoin has recently hit an unprecedented peak of $1.11 billion within the past day.
In early 2024, the value locked in the network was approximately $211 million in TVL (Total Value Locked). The expansion of both TVL and stablecoins underscored the network’s increasing usefulness. These findings emphasized the flourishing activity that has been developing within the network over the past half a year.
During the past six months, activity on the SUI network showed a significant increase in the number of daily active users. Prior to May, the network typically saw fewer than 30,000 daily active users. Yet, starting from May, this number skyrocketed, reaching an impressive peak of 2.5 million daily active addresses by the fourth week of that month.
The number of daily active addresses peaked at approximately 1.8 million in September. However, it has dropped to less than 800 million over the past three days, even with an increase in Total Value Locked (TVL) and stablecoin count. It’s possible that this decline could be due to the fact that active addresses do not always correspond directly with trading volume.
SUI ventures into new territory
The digital currency known as SUI recently achieved a fresh high point. On Thursday’s trading, it reached an all-time high (ATH) of $2.38 following a swift rebound from its dip in October.
As of now, based on the Relative Strength Index (RSI), SUI has not reached an overbought state yet. This could indicate potential for further growth. Nevertheless, it’s important to note that there appears to be some resistance in its price range close to its previous All-Time High (ATH).
A significant amount of selling could potentially halt further growth in SUI’s value. Yet, the expanding usefulness of the network and rising interest in its cryptocurrency indicate that SUI might continue climbing to even higher peaks.
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2024-11-09 11:03