Unleashing the Potential of Sui Network [SUI]
Sui Network's Activity Surges Yet its Price Remains Sluggish - Exploring the Reasons Behind the Discrepancy
Revisiting the Powerhouse of Stablecoins
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Hey there! Let's dive into Sui Network [SUI], the Ali Baba of stablecoins, and explore its dominance in the crypto sphere.
Invading the Stablecoin Market
As of today, SUI boasts a whopping market cap of $1.13B in stablecoins, obliterating the combined total of Near Protocol [NEAR], Sei Network [SEI], Berachain [BERA], Polkadot [DOT], and Cardano [ADA]. SUI has almost 4 times the combined market cap of these blockchain giants, signaling its hegemonic role in stablecoin liquidity on layer-one chains. That's a massive stash of digital dough! 🤑
The DApp Ecosystem Bloom
Over the last 24 hours, the dApp ecosystem on Sui Network is on fire with Bluefin leading the pack, raking in $23K. Following closely are Momentum ($19K), Navi ($14K), Haedal ($11K), and Scallop ($10K). With a total of $77K from these top five dApps, the revenue is skyrocketing, pointing towards an expanding utility and user base 📈
Adoption on the Rise
Total accounts on Sui Network have been climbing steadily, with no substantial declines. From 124.3M addresses in April to 208.8M in June, the adoption appears solid and persistent, reaching another all-time high 🌐
The Price Surge: A Mixed Bag
Despite the bull run in chain activity, SUI's price is taking a breather, correcting lower to a major demand area around $2.80 - $3.00 after struggling to break and stay above $3.50. The MACD hasn't been too friendly, but if the $3 support level holds, a rebound to around $3.50 can happen
- In the crypto sphere, Sui Network [SUI], often referred to as the Ali Baba of stablecoins, boasts a dominance unmatched by other blockchain giants like Near Protocol [NEAR], Sei Network [SEI], Berachain [BERA], Polkadot [DOT], and Cardano [ADA], combined.
- One interesting aspect of Sui Network is its bustling dApp ecosystem, where Bluefin leads the way with $23K, followed closely by Momentum ($19K), Momentum ($14K), Haedal ($11K), and Scallop ($10K), contributing to a total revenue of $77K within the top five dApps, signaling an expanding utility and user base.
- The adoption of Sui Network is on a steady rise, with the total accounts having surged from 124.3M addresses in April to 208.8M in June, marking another all-time high.
- While the chain activity shows a bull run, SUI's price is currently taking a breather, correcting lower to a major demand area around $2.80 – $3.00 after failing to sustain above $3.50. The MACD hasn't been overly supportive, but if the $3 support level holds, a rebound to around $3.50 could potentially occur.
