Sui Network Sees Over 1 Million New Wallet Addresses Daily

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.

Daily Active Addresses on SUI. Source: Artemis

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.

Stablecoin Market Cap and DEX Volume on SUI. Source: DefiLlama

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.

SUI Monthly Price Chart. Source: BeInCrypto

At the time of writing, SUI is trading around $3.25, recovering nearly 90% from the April low of $1.73.