Key Takeaways
Why is SUI still in focus despite lagging L1 peers?
SUIG has stacked 101 million SUI and added 19 million in the last 30 days, nearly 27× faster than ETH accumulation.
How is SUI proving its value on-chain?
The network sees 4.5 million daily transactions and 927k daily active addresses, almost 3× Ethereum’s.
Sui [SUI] is clearly lagging its L1 peers.
Most big-cap L1s have bounced back from the Q1–Q2 bloodbath, riding a solid Q3, but SUI is still 40% off its Q1 highs. Meanwhile, Ethereum [ETH] has recovered 100% of its H1 losses with a 60%+ Q3 pump.
No doubt, ETH’s rally got a boost from institutions, with BitMine [NASDAQ: BMNR] holding 2.4 million ETH. On the SUI side, SUI Group Holdings (NASDAQ: SUIG) has stacked 101 million SUI, totaling 2.8% of the supply.
Source: CoinGecko
In short, institutional appetite is there, but SUI’s still playing catch-up.
Reinforcing this, on-chain, SUIG has been on a tear, grabbing 19 million SUI in the past 30 days, while BMNR only added 702k ETH. That’s nearly 27× faster accumulation, showing SUIG is loading up at a crazy pace.
In fact, SUIG recently repurchased 276k shares under its new $50 million stock buyback program. Could this be a signal of deeper confidence in SUI, which, compared to other high-cap L1s, still looks undervalued?
SUI’s slow and steady grind is building real adoption
A 276k share buyback shows SUIG is trying to juice its stock price.
Q3 hasn’t been kind. SUIG is down 32% from its $5.37 open, showing the market demand isn’t really there. In this context, the $50 million buyback is basically a move to support the float and add value for shareholders.
On top of that, it’s also pumping liquidity into their 101 million SUI stack, keeping institutional bags safe. Meanwhile, SUI’s daily active addresses just hit a monthly high of 927k.
Source: Artemis Terminal
By contrast, Ethereum’s DAA remains flat at 530k.
On-chain, SUI’s adoption is clearly stacking up. The network processes 4.5 million daily transactions, almost 3x that of Ethereum, showing users are actually using SUI for real on-chain activity, not just holding.
Coupled with deeper institutional appetite and the network’s genuine on-chain engagement, SUI’s undervaluation thesis is looking stronger, positioning it as a key pillar in the Web3 transformation.
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