SUIG stacks 19M SUI in 30 days even as prices stall – Here’s why
**Key Takeaways: Why Is SUI Still in Focus Despite Lagging L1 Peers?**
SUI continues to capture attention in the crypto space, even though it is currently lagging behind its Layer 1 (L1) peers in market performance. Here’s a closer look at why SUI remains in focus and how it’s proving its value on-chain.
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### Institutional Interest in SUI Is Strong
SUI Group Holdings (NASDAQ: SUIG) has accumulated an impressive 101 million SUI tokens, representing 2.8% of the total supply. Remarkably, SUIG added 19 million SUI in just the past 30 days, a rate nearly 27 times faster than BitMine (NASDAQ: BMNR), which added 702,000 ETH during the same period.
While major L1s like Ethereum (ETH) have bounced back strongly after a tough first half of the year — with ETH recovering 100% of its H1 losses and delivering a 60%+ pump in Q3 — SUI is still trading about 40% below its Q1 highs. This underperformance suggests that although institutional appetite for SUI exists, the token is still in a catch-up phase compared to its peers.
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### SUIG’s Stock Buyback Signals Confidence
Recently, SUIG announced a $50 million stock buyback program and repurchased 276,000 shares. This move indicates a strategic effort to support SUIG’s stock price and add value for shareholders amid a challenging Q3, where the stock dropped 32% from its $5.37 opening price.
The buyback also helps maintain liquidity for their substantial SUI holdings, protecting the interests of institutional investors. Such corporate actions often signal deeper confidence in the underlying asset – in this case, SUI.
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### On-Chain Metrics Show Real Adoption
SUI isn’t just attracting institutional interest; the network’s on-chain activity tells a compelling story of growing user engagement. The platform currently handles approximately 4.5 million daily transactions, nearly three times the volume seen on Ethereum. Meanwhile, SUI’s daily active addresses (DAA) recently hit a monthly high of 927,000, significantly outpacing Ethereum’s relatively stable 530,000 DAA.
These figures underline that users are actively utilizing SUI for real on-chain interactions, not merely holding the token. This kind of genuine adoption is a critical factor often overlooked when focusing solely on price performance.
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### Why SUI’s Undervaluation Thesis Is Gaining Strength
Combining strong institutional demand, proactive corporate measures like share buybacks, and robust on-chain activity, SUI appears undervalued relative to other large-cap L1 projects. Its slow but steady build-up of real adoption positions SUI as a potentially vital player in the ongoing Web3 transformation.
Investors and enthusiasts should watch closely as SUI continues its grind toward mainstream blockchain adoption — its value may not yet be fully reflected in its current market price.
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**In summary**, despite lagging behind other L1s in price recovery, SUI’s growing institutional support, significant on-chain usage, and strategic corporate actions make it a noteworthy contender in the evolving blockchain ecosystem.
https://ambcrypto.com/suig-stacks-19m-sui-in-30-days-even-as-prices-stall-heres-why/
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