So far, even though it has only been a little over two months since the SUI Network launched the USDC stablecoin on its network, the results achieved have been impressive, especially as SUI has just reached an important milestone.

Recently, SUI announced that the amount of USDC circulating on the network has surpassed $100 million, 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 stablecoin reached $388.03 million at the time of writing. In comparison, in January 2024, the market capitalization of SUI was still below $6 million.

Source: DeFiLlama

The market capitalization of SUI's stablecoin has seen strong growth, with an increase of $88 million after ending October at $300.24 million. Previously, the network reached an all-time high (ATH) of $438.64 million in October.

Key indicators reflecting the strength of the network

The market capitalization of SUI's stablecoin continues to show a strong upward trend in 2024. In the past 24 hours, the market capitalization of the network's stablecoin reached a new all-time high of $1.11 billion.

Source: DeFiLlama

The network also recorded a total value locked (TVL) of $211 million at the beginning of 2024. The strong TVL growth combined with the increase in the amount of circulating stablecoin indicates the increasing utility of the SUI network, reflecting robust development in ecosystem activities over the past six months.

This is reinforced by the increase in the number of daily active addresses on the network. Before May, SUI had less than 30,000 daily active addresses. However, since May, this number has skyrocketed, peaking at 2.5 million addresses in the fourth week of May.

Source: Artemis.xyz

The number of daily active addresses continued to increase significantly in September, reaching 1.8 million addresses. However, in the past three days, this number has dropped below 800,000 addresses, although TVL and the amount of stablecoin continue to grow. This indicates that the number of addresses does not necessarily correlate with the transaction volume on the network.

Potential for continued growth

SUI has also just achieved a new price milestone, reaching an all-time high of $2.38 during Thursday's trading session, after quickly recovering from the price adjustment in October.

SUI price chart 4 hours | Source: Tradingview

RSI index analysis shows that SUI has not yet entered the overbought zone, opening up further growth opportunities. However, it should be noted that the current price has encountered some resistance near the previous ATH.

Although there is a possibility of a strong profit-taking causing SUI's price to adjust, with the increasing utility of the network and high demand for this native cryptocurrency, SUI may continue to expand its upward momentum and achieve new high price levels in the future.



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