SUI Analysis: The SUI ecosystem has made waves in October, with its market cap surpassing $8.5 billion. This comes as many altcoins struggle, while SUI reached a new all-time high (ATH) of $2.16.
According to CoinMarketCap, the current market cap of the SUI ecosystem is $8.54 billion. SUI’s individual market cap stands at approximately $5.38 billion, with First Digital USD (FDUSD) contributing nearly $3 billion. The daily trading volume exceeded $6 billion, primarily driven by SUI and FDUSD.
Other projects within the SUI ecosystem, including decentralized exchanges (DEXs) and lending protocols, hold a smaller market share. Notably, the market capitalization of meme coins on SUI has risen to $296 million, reflecting a remarkable 170% increase from $108 million earlier this month.
Investors in SUI often reinvest in other protocols and meme coins, akin to the rise of the Solana ecosystem last year. Recent data from Artemis shows that SUI ranks third in netflow among altcoins over the past month, trailing only Ethereum and Solana.
SUI represents over 9% of the capital flow from Ethereum, indicating increased activity and growing user demand within the SUI network.
The dominance of SUI (SUI.D) has surged by 270%, reaching a peak of 0.27% before slightly dropping to 0.26%. This surge occurs while most altcoins see a decrease in market cap share, as Bitcoin maintains a strong dominance of over 56%.
