The SUI ecosystem continues to seize investor consideration this October, setting a number of notable new data.
Whereas the restoration momentum of many altcoins has stalled, SUI has achieved a brand new all-time excessive (ATH) this month, reaching $2.16.
SUI Ecosystem Market Cap Exceeds $8 Billion
In accordance with CoinMarketCap, the SUI ecosystem’s market cap in October reached $8.54 billion. Of that, SUI’s particular person market cap is round $5.38 billion, whereas First Digital USD (FDUSD) accounts for nearly $3 billion. The day by day buying and selling quantity throughout the ecosystem surpassed $6 billion, with most of it nonetheless dominated by SUI and FDUSD.
Learn extra: A Information to the ten Greatest Sui (SUI) Wallets in 2024
Different initiatives inside the SUI ecosystem, resembling decentralized exchanges (DEXs), meme cash, and lending protocols, maintain a smaller share. In accordance with CoinGecko, the market capitalization of meme cash on SUI at present exceeds $296 million, marking a 170% enhance from $108 million initially of October.
Sometimes, traders who purchase and maintain SUI are inclined to reinvest in different protocols and meme cash inside the ecosystem. That is just like how the Solana ecosystem surged in recognition final yr.
SUI Ranks Amongst Prime 3 Altcoins by Netflow within the Previous Month
Extra knowledge signifies promising alerts for SUI’s continued enchantment to traders within the last quarter of the yr. Artemis knowledge, which tracks capital flows into and out of varied ecosystems, exhibits that SUI ranks third in altcoin netflow over the previous month, behind solely Ethereum and Solana.
Taking a look at cross-ecosystem bridge transactions, SUI accounts for over 9% of the capital stream from Ethereum. These figures spotlight the rising exercise inside the SUI community, reflecting the ongoing adoption and demand amongst customers.
SUI Dominance Rises 270%, Reaches New Excessive of 0.27%
SUI dominance (SUI.D), which measures SUI’s share of the full market cap, has seen a major rise. A better dominance signifies that SUI is changing into a most popular selection amongst traders.
Learn extra: Every little thing You Must Know In regards to the Sui Blockchain
In simply the previous two months, SUI.D has surged 270%, hitting a brand new excessive of 0.27%. Though it has now retraced to 0.26%. This comes at a time when most different altcoins are seeing declines in market cap share whereas Bitcoin dominance stays excessive at over 56%.
“SUI is moving exactly like SOL before the massive pump.” Investor CryptoGoos predicted
By technical evaluation, many traders are optimistic that SUI’s value might observe a comparable sample to that of SOL. Nonetheless, a latest BeInCrypto evaluation signifies that SUI might face vital corrections underneath the strain of profit-taking from early traders.
It’s because the worth has elevated by almost 120% prior to now 30 days. In such a state of affairs, traders are certain to ebook some revenue.
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