beincrypto.com
Sui Network ($SUI) has shown an impressive recovery in May, making it one of the top 10 altcoins by market capitalization (excluding stablecoins).
Although the $SUI ecosystem’s market cap is still relatively modest compared to other Layer 1s, the network is showing signs of unique user appeal.
Signs of Explosive Sui On-Chain Activity in May
According to on-chain data from Artemis, since the beginning of the year, $SUI Network has recorded over 1 million new wallet addresses every day. These new wallets account for more than 80% of the total daily active addresses.
The data shows that the number of new addresses on $SUI began to rise sharply in mid-February. Daily active addresses also increased, consistently staying above 1.5 million per day.
For comparison, $BNB Chain has an average of around 1 million daily active addresses. Yet $BNB’s market cap is seven times higher than $SUI’s.
$SUI’s growth goes beyond wallet creation. Data from DefiLlama shows that daily trading volume on $SUI’s decentralized exchanges (DEXs) has consistently surpassed $400 million throughout 2025.
In addition, the market cap of stablecoins on $SUI has doubled since the start of the year. It now exceeds $900 million — the highest level in the network’s history.
These figures reflect a significant rise in user demand within the $SUI ecosystem. A recent report from BeInCrypto even revealed that institutional investment flows into $SUI have surpassed those of Solana.
The positive news about $SUI isn’t limited to on-chain metrics. It also comes from strategic partnerships. In early May, 21Shares — one of the world’s leading crypto exchange-traded product providers — announced a partnership with $SUI Network to expand the ecosystem’s global reach.
“We believe Sui has the technical underpinnings, DeFi and developer ecosystems, and institutional alignment to play a central role in crypto for a long time,” Federico Brokate, Head of US Business at 21Shares, said.
Given these positive signals, some analysts expect $SUI’s price to recover to $5 or even higher in the coming months. BeInCrypto’s analysis also suggests the price could rise if a golden cross is confirmed.
At the time of writing, $SUI is trading around $3.25, recovering nearly 90% from the April low of $1.73.