Sui Network Reaches 30 Million Active Accounts Amid Price Surge
As Bitcoin entered its price discovery phase, Sui (#SUI), a competitive layer one (L1) blockchain utilizing the Move programming language, has experienced significant gains. Following the August 5 market crash, Sui's price increased over 500 percent, trading above $3.6 on November 18.
Sui achieved its highest weekly close above $3.7, indicating bullish control. The altcoin has a fully diluted valuation of approximately $36.5 billion and a daily average traded volume of about $1.4 billion, forming higher highs and lows over the past two months.
Technically, Sui has entered a parabolic phase after a year of consolidation, with its weekly Relative Strength Index (RSI) surpassing 75 for the first time, suggesting continued bullish sentiment. A mild correction may occur to attract more FOMO traders in the short term.
Top Reasons for Sui Network's Growth
The Sui network is now a major L1 blockchain with numerous multi-chain decentralized finance (DeFi) protocols. According to Defillama, the total value locked (TVL) in Sui has surged to approximately $1.61 billion.
The ecosystem has also seen a rise in stablecoin market cap to around $347 million. This increase is attributed to a surge in active accounts, which have reached over 30 million.
$SUI reaches 30 million active accounts 💥 pic.twitter.com/FQLAju2Nbj
— Quinten | 048.eth (@QuintenFrancois) November 18, 2024
The Sui network has garnered attention from institutional investors amid a rotation in crypto cash flow, coinciding with Bitcoin nearing a psychological target of $100k. Notably, the VanEck Sui ETN (VSUI) attracted over $102 million since its launch on November 7, 2024, and is fully backed by the SUI token, tradeable like an ETF on regulated exchanges.
The Grayscale Sui Trust has amassed over $5.7 million in assets under management (AUM). As a multi-chain-enabled blockchain, Sui has gained traction among web3 developers, funding over 80 Web3 projects with additional grants issued competitively.
Notable multi-chain DeFi protocols on the Sui network include Cetus AMM, Ondo Finance, and Mole platform.