- Sui outpaces Solana (SOL) and Ethereum (ETH) in terms of net flows as new accounts also increased by 5% in the last seven days.
- Meanwhile, the Total Value Locked (TVL) has reached $1.074 Billion from the $300 million recorded in August.
Sui (SUI) outshines competitors on all fronts as it records a net flow of $24.3 million. According to the report shared by Mysten Labs co-founder Adeniyi Abiodun, this number superseded that of Solana (SOL) and Ethereum (ETH), which recorded $10 million and $9.7 million, respectively.
On the weekly chart, its numbers exceeded those of Aptos and Bitcoin. From month to date, Sui recorded an inflow of $19.3 million against the $12.3 million recorded by Solana.
Further digging into its on-chain data, we discovered that SUI’s total active accounts had reached 25 million, surpassing that of Base, Arbitrum, and Solana. To appreciate this better, it is important to note that the active addresses on the network were fewer than 2 million in July.
Analyzing SUI explorer data, we also uncovered that new accounts increased by 5% in the last seven days to reach 862.7K. According to our analysts, this Indicates an increasing interest in the altcoin. Meanwhile, the number of newly activated accounts on the network that have completed their first transactions increased by 7% to reach 859,876.
According to DeFiLlama data, SUI’s Total Value Locked (TVL) increased to $1.074 billion from the $313 million low recorded in August. Over a period of three months, the network’s TVL increased by 300%.
More About the On-chain Activities of Sui
Researching the monthly price performance of SUI and SOL, CNF discovered that the former has had a better return in the past two out of three months. Specifically, the SUI/SOL ratio – an indicator that tracks SUI’s relative performance to SOL, showed an incredible surge of 300% in August and September. However, the ratio declined in October, indicating that SOL outshined SUI.
Subjecting SUI to critical technical analysis, we found that the majority of top traders on Binance had opted for long positions (51%), slightly exceeding the almost 49% shorts. According to analysts, this indicates neutrality in the market as the price could go either direction in anticipation of the US presidential election.
At press time, SUI was trading at $1.88 after surging by 8.45% in the last 24 hours and 124% from year to date. Our market data also shows that the asset’s daily trading volume is up by 34% with $630 million changing hands.
SOL, on the other hand, was trading at $161 after declining by 8% in the last seven days.
Currently, SUI’s price action reflects the position of Real Vision CEO Raoul Pal which was reported by CNF in September. At that time, Pal predicted that the price of SUI would heavily respond to its Pilotfish program designed to scale transactions per second (TPS). Drawing insight from that post, Pal gave a rundown of the Sui/Mysten Labs development and how it could potentially impact the price.
But what are Sui/Mysten Labs trying to achieve? They are trying to rebuild the internet, brick by brick for Web3. It is built to scale to Facebook/Meta size use cases (3 billion-plus) from zero-knowledge (ZK) logins to the coming Walrus decentralized storage protocol.
