SUI Network Defies Slowing Activity With 23.3% Market Cap Surge to $11.6B in Q3 2025

Sui Network's market capitalization surged 23.3% quarter-over-quarter to $11.63 billion in Q3 2025, outperforming the broader cryptocurrency market's 20.7% growth. The rise came despite a decline in daily transactions and a drop in network fees, which fell 11.1% to $3.8 million. Analysts attribute the slowdown to reduced transaction demand, even as SUI's price appreciated.

The circulating supply of sui expanded significantly, with 172.1 million tokens unlocked during the quarter—worth approximately $561 million. This increased the circulating supply to 35.7% of the total. Staking activity remained robust, with 75.4% of eligible tokens locked, though real yields turned slightly negative.

Despite its market cap growth, SUI fell three spots to become the 15th-largest cryptocurrency. The network's fee structure, which includes computation and non-refundable storage costs, saw a 22.3% decline in SUI-denominated terms, reflecting softer on-chain activity.