The Sui network is one of the blockchains that have demonstrated impressive growth in various main aspects of their operations. Its performance so far has been characterized by new milestones and one of the latest involves the USDC stablecoin.
Sui revealed that USDC operating natively on its network surpassed $100 million. Even more impressive is that the stablecoin has achieved the milestone less than 8 weeks after it made its debut on the network.
💥 Today, Sui officially crossed $100,000,000 in native USDC – less than two months since launching! 🎉
🕶️ DeFi on Sui isn’t slowing down!
Data from @usdc_cool pic.twitter.com/P3Ou49lmy4
— Sui (@SuiNetwork) November 8, 2024
The USDC milestone may have aided in boosting the network’s stablecoin marketcap. The latter peaked at $438.4 million on 8 October, followed by a dip to around $297.87 million at the end of the same month.
– Advertisement –
Sui stablecoin marketcap / Source: DeFiLlama
SUI has since recovered to a $388.03 million marketcap as observed at press time. This may not seem much compared to some of its top rival blockchains. However, it is an impressive milestone considering that stablecoins were worth less than $6 million at the start of 2024.
On-chain Activity Tests Fresh Territory
The network also experienced new milestones in other areas. For example, the SUI token volume registered its highest daily on chain volume on 7 November. It soared as high as $2.416 billion.
This was the highest token volume that SUI has ever experienced in a single day. For perspective, the token volume dipped below $100 million during some of its slowest days.
The lowest as per our observation was $76.46 million On 2 June. This puts to scale the level of activity that the network has been operating at.
Sui on-chain volume and TVL / Source: DeFiLlama
Sui’s total value locked may not have soared to new highs but it did push very close to its previous ATH at $1.1 billion.
Its metrics underscore the growth that the network has achieved so far this year, during which more excitement has returned to the market. The surging network activity also paved the way for strong demand for the token.
SUI Soars to New All-time high
SUI peaked at $2.38 on 7 November which was its highest price historical price. the cryptocurrency’s previous high was at $2.36 on 13 October. This means that the cryptocurrency has rapidly recovered from its October pullback.
SUI price action / Source: TradingView
The rapid recovery indicated that SUI was still subject to robust demand that propped up its price from August lows. The cryptocurrency rallied by 407% percent in the last 4 months.
Will a double top lead to a bigger pullback this time? SUI was already experiencing some resistance at its recent highs. Its latest price action appeared to be forming a double top.
This meant that a more pronounced dip may occur if demand fizzles out. On the other hand, the cryptocurrency may achieve more upside and new highs if price breaks through the current support. SUI was not yet overbought at its press time price levels, hence there was more room for upside.
