As of now, although it has been just over two months since SUI Network launched its USDC stablecoin on its network, the results achieved have been extremely impressive, especially as SUI has just reached an important milestone.
Recently, SUI announced that the amount of USDC in circulation on the network has exceeded the $100 million mark, reflecting the rapid development of the DeFi ecosystem on this platform.
According to data from defillama, USDC is currently the dominant stablecoin in the SUI ecosystem, with a market share of up to 72.23%. The total market capitalization of the network's stablecoins reached $388.03 million at the time of writing. For comparison, in January 2024, the market capitalization of SUI was still below $6 million.
The market capitalization of SUI's stablecoins has grown strongly, with an increase of $88 million after the end of October, reaching $300.24 million. Previously, the network had reached an All-Time-High (ATH) of $438.64 million in October.
The market capitalization of SUI's stablecoins continues to show a strong upward trend in 2024. In the past 24 hours, the network's stablecoin market capitalization has reached a new historical high of $1.11 billion.
The network also recorded a Total Value Locked (TVL) of $211 million at the beginning of 2024. The strong growth in TVL combined with the increase in the amount of stablecoins in circulation indicates the increasing utility of the SUI network, reflecting the strong development of the ecosystem's activities over the past six months.
This is reinforced by the increase in the number of active addresses on the network. Prior to May, SUI had less than 30,000 active addresses per day. However, from May, this number has skyrocketed and reached a peak of 2.5 million addresses in the fourth week of May.
The number of active addresses per day continued to grow strongly in September, reaching 1.8 million addresses. However, over the past three days, this figure has dropped below 800,000 addresses, although TVL and the amount of stablecoins continue to grow. This suggests that the number of addresses is not necessarily proportional to the trading volume on the network.
SUI has also just reached a new All-Time-High price of $2.38 in Thursday's trading session, after quickly recovering from the price correction in October.
RSI 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 level.
Although there is a possibility of a strong profit-taking event that could lead to a SUI price correction, with the increasing utility of the network and high demand for this native cryptocurrency, SUI may continue to expand its upward trend and reach new highs in the future.
You can view the SUI price here.
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Minh Anh
According to AMBCrypto
