The Sui network is making headlines with some impressive growth since its launch, and it’s not just a flash in the pan! One of its latest achievements?
The native USDC stablecoin has crossed the $100 million level in less than two months.
Stablecoins are one of the most popular use-cases
This milestone isn’t just a bragging point, it’s also helped boost the network’s overall stablecoin market cap, what peaked at $438.4 million before dipping to around $297.87 million by the end of the month.
But don’t worry, Sui has bounced back to a market cap of about $388.03 million as of now.
While that might not sound like much compared to some of its heavyweight competitors, it’s quite an accomplishment considering stablecoins were barely scraping together $6 million at the start of 2024.
On-chain activity is off the charts
Sui isn’t just resting on its laurels with USDC, it’s breaking records in other areas too! On November 7, the network saw its highest daily on-chain token volume ever, hitting $2.416 billion.
To put that into perspective, there were days when the volume dipped below $100 million, like back on June 2 when it fell to just $76.46 million.
While Sui’s total value locked hasn’t quite hit new highs, it’s getting close to its previous all-time high of $1.1 billion.
These numbers highlight the huge growth Sui has experienced this year, especially as market excitement begins to bubble up again.
On November 7, SUI reached a new all-time high of $2.38, bouncing back from an October slump where it had previously peaked at $2.36 on October 13. This recovery shows that demand for SUI is still strong, especially considering it has rallied 407% over the last four months.
New resistance
But here’s where things get interesting, because SUI is facing some resistance at these new heights, and there’s chatter about a potential double top forming in its price action. This could mean a bigger pullback if demand starts to wane.
But if SUI can break through this resistance, we might just see more upside ahead! And with current price levels not being overbought yet, there’s still room for growth.
With all this momentum and activity, it’s clear that Sui is carving out its place in the blockchain world.
The integration of native USDC has streamlined transactions and improved liquidity on the network, making it easier for users to engage with the ecosystem.
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