Hacker actually caused the growth of the SUI ecosystem? Only one step away from the historical high.

Written by: 1912212.eth, Foresight News

On July 28, SUI briefly broke through $4.44, hitting a new high since January this year. The price of the SUI token has increased by over 53% this month, achieving four consecutive daily gains since July 24, and also realizing four consecutive weekly gains since June 23. SUI currently has a total market capitalization of $14.7 billion, ranking 11th, with FDV rising to $43.048 billion. Such gains in a large-cap protocol token naturally attract the attention of many investors in the market.

How has the Sui ecosystem recovered since its setbacks in May? What are the reasons for the strong rise in coin prices?

Sui has recovered from the Cetus hacking incident.

On May 22, Cetus, the largest DEX aggregator on the Sui network, suffered a major security vulnerability attack, resulting in approximately $223 million in liquidity pools being drained. The attacker manipulated the pools using fake tokens, causing losses. However, the response from the Sui community and development team turned the situation around, with the Cetus team suspending trading and initiating a recovery plan that ultimately recovered 85% to 99% of the funds, with a total of about $162 million in frozen assets released after community voting. However, the centralized approach resulting from the frozen assets has sparked significant controversy within the community. The Cetus protocol was relaunched in June and plans to transition to a fully open-source model to enhance transparency and security.

According to defiLlama data, after the hacking incident, Sui's total TVL temporarily dropped to 1.538 billion USD. As of now, its total TVL has rebounded to 2.296 billion USD, setting a new historical high.

Its DEX trading volume has steadily risen since June, with its DEX trading amount exceeding 550 million USD in the past 24 hours, and a weekly increase of over 8.79%.

Among them, the trading volume of the ecological protocol Cetus in the past 24 hours reached 225.28 million USD, accounting for half of the total DEX trading volume in the Sui ecosystem, showing a remarkable recovery momentum.

In terms of stablecoin data, the total market capitalization is $968.38 million, which has declined over the past 7 days but is still at a historical high. Notably, in the past 1 day, the inflow of USDT surged by 21%.

Code commits are used to count the total number of submissions made to the project's public GitHub repository. It reflects the level of activity in the codebase. Terminal data shows that after a brief negative impact on its activity at the end of May and the beginning of June, the number of code commits quickly rebounded to a high level.

Data indicators prove that the Cetus event not only did not destroy SUI, but rather is accelerating its maturity.

The listed company Lion bought over 1 million SUI.

It has become a trend for publicly listed companies to use their capital reserves to purchase tokens. Previously, Strategy's purchase of BTC resulted in huge gains, leading to a rush to imitate, and now reserves for ETH/SOL/ENA and others have followed suit.

In June 2025, Nasdaq-listed Lion Group Holding Ltd. (LGHL) purchased SUI, SOL, and HYPE tokens, expanding its crypto asset reserves to $9.6 million. Data shows that Lion Group bought 356,129 SUI tokens.

As a micro-cap company with a market value of only a million dollars, Lion's actions, although limited in scale, carry significant symbolic meaning.

On July 24, according to SEC filings, Nasdaq-listed Lion Group increased its holdings of SUI tokens to a total of 1,015,680 coins. At the current price of $4.25, this is worth approximately $4.316 million.

Previously, the U.S. listed company Everything Blockchain Inc. (EBZT) planned to invest $10 million into five major blockchain networks: Solana (SOL), XRP, Sui (SUI), Bittensor (TAO), and Hyperliquid (HYPE).

Cryptographic assets are penetrating mainstream finance, and SUI's Layer-1 positioning has attracted publicly listed companies seeking high growth. In the future, if more companies follow suit, the liquidity and price stability of SUI will further improve.

The SUI spot ETF is expected to be approved.

The potential approval of the SUI ETF marks a key step in the mainstreaming of cryptocurrency. The U.S. Securities and Exchange Commission (SEC) has officially initiated the review process for Canary Capital's SUI spot ETF application, which was submitted in March 2025 and announced to be delayed by the SEC in June, with the review period potentially extending up to 240 days. 21Shares' SUI ETF is also under a similar review track, with the 19b-4 form submitted to Nasdaq initiating assessment in June.

Similar to the inflow data performance of Bitcoin and Ethereum spot ETFs, if the SUI spot ETF is approved, it will undoubtedly enhance market confidence and have a positive impact on the price.

In June this year, Bloomberg senior ETF analyst Eric Balchunas analyzed that the probability of SUI's ETF approval is expected to be 60%.

At the beginning of this year, asset management company VanEck released a report stating that SUI is expected to account for 5.5% of the market share, with a market capitalization of approximately $61 billion. Based on a circulating supply of 3 billion tokens at that time, the price per token could reach $16. Yesterday, Twitter KOL 0x0xFeng tweeted that "SUI should hit new highs."

In the booming market, SUI is likely to continue leading.