Sui has recovered from the hacking incident, and the listed company Lion has purchased over a million SUI tokens.
Written by: 1912212.eth, Foresight News
On July 28, SUI briefly broke through $4.44, reaching a new high since January this year. The price of SUI tokens has increased by over 53% this month, achieving four consecutive daily gains since July 24, and four consecutive weekly gains since June 23. SUI currently has a total market capitalization of $14.7 billion, ranking 11th, with its FDV rising to $43.048 billion. Such significant gains in a large-cap protocol token have naturally attracted the attention of many investors in the market.
How has the Sui ecosystem recovered since its setback in May? What are the reasons behind the strong price performance?
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 pool using fake tokens, causing the losses. However, the response from the Sui community and development team turned the situation around. The Cetus team suspended trading and initiated a recovery plan, ultimately recovering 85% to 99% of the funds, with a total of about $162 million in frozen assets released through community voting. However, the centralization practices resulting from the frozen assets 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 briefly dropped to $1.538 billion. As of now, its total TVL has rebounded to $2.296 billion, setting a new historical high.
Its DEX trading volume has steadily increased since June, with over $550 million in DEX trading volume in the past 24 hours, marking a weekly increase of over 8.79%.
Among them, the trading volume of its ecological protocol Cetus reached $225.28 million in the past 24 hours, accounting for half of the total DEX trading volume in the entire Sui ecosystem, showing a rapid recovery momentum.
In terms of stablecoin data, the total market capitalization is $968.38 million, which has slightly declined in the past 7 days but remains at a historical high. Notably, in the past day, the inflow of USDT surged by 21%.
The number of code commits is used to count the total number of submissions made to the project's public GitHub code repository. It reflects the activity level of the codebase updates. 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 incident not only did not destroy SUI but is actually accelerating its maturation.
Listed company Lion purchases over 1 million SUI
The practice of U.S. listed companies using cash reserves to purchase tokens has become a trend. Previously, Strategy's purchase of BTC yielded huge profits, leading to a rush to imitate, followed by reserves in ETH/SOL/ENA and others.
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 purchased 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, bringing its total holdings to 1,015,680 tokens. At the current price of $4.25 per token, this is worth approximately $4.316 million.
Previously, U.S. listed company Everything Blockchain Inc. (EBZT) also planned to invest $10 million in five major blockchain networks: Solana (SOL), XRP, Sui (SUI), Bittensor (TAO), and Hyperliquid (HYPE).
The penetration of crypto assets into mainstream finance and SUI's Layer-1 positioning have attracted listed companies seeking high growth. In the future, if more companies follow suit, SUI's liquidity and price stability will further improve.
SUI spot ETF expected to be approved
The potential approval of the SUI ETF marks a key step in the mainstreaming of cryptocurrencies. Currently, 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 extended to 240 days. The 21Shares SUI ETF is also under a similar review process, with the 19b-4 form submitted by Nasdaq starting evaluation in June.
If the SUI spot ETF is approved, it will undoubtedly boost market confidence and have a positive impact on the token price, similar to the inflow data performance of Bitcoin and Ethereum spot ETFs.
In June of this year, Bloomberg senior ETF analyst Eric Balchunas analyzed that the probability of SUI ETF approval is estimated to be 60%.
Earlier this year, asset management company VanEck released a report stating that SUI is expected to occupy 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 be aiming for a new high."
In the altcoin bull market, SUI may continue to lead the market.
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