Can Sui Replicate Solana’s 2021 Bull Run?

·

The blockchain world is buzzing with speculation: Can Sui become the next Solana? As Facebook-originated Sui gains momentum, comparisons to Solana’s explosive 2021 rise are growing louder. Social media is rife with claims that SUI’s price trajectory mirrors SOL’s early bull run, sparking debates about whether Sui has what it takes to replicate — or even surpass — Solana’s success.

While Solana launched its mainnet in March 2020 and Sui followed in May 2023, direct comparisons based on total metrics are misleading. A more meaningful analysis involves comparing both networks at similar stages: Sui in 2024 versus Solana in mid-2021, roughly a year and a half post-launch. This approach, though imperfect, offers valuable insights into growth patterns, ecosystem vitality, and market sentiment.

Chain Activity: Sui Outpaces Solana’s Early Days

To assess real-world performance, we compare key on-chain metrics from Solana around July 12, 2021, and Sui as of September 24, 2024.

One of the most telling indicators is daily active addresses (DAA) — a proxy for user engagement. In mid-2021, Solana averaged just tens of thousands of DAAs, only crossing the 100K threshold in 2022. In contrast, Sui has already surged past one million daily active addresses, even maintaining over 400K during market lulls in August. This level of sustained activity suggests stronger early adoption and network resilience.

👉 Discover how high-performance blockchains are shaping the future of decentralized apps.

While daily transactions per second (TPS) aren't yet at Solana’s 2021 levels, Sui boasts a theoretical peak throughput of 297,000 TPS, dwarfing Solana’s recorded high of 65,000. This architectural edge positions Sui as one of the fastest layer-1 blockchains by design.

The data paints a compelling picture: Sui’s current on-chain activity exceeds Solana’s at a comparable stage, lending credibility to the argument that Sui could follow a similar — or steeper — growth curve.

Social Momentum: Missing the “Star Power”?

In crypto, narrative often drives price as much as fundamentals. Solana’s 2021 surge was supercharged by SBF (Sam Bankman-Fried), whose endorsement through FTX and Alameda Research created massive visibility. His influence wasn’t just financial — it was cultural. Developers flocked to Solana because being associated with FTX meant access to capital, visibility, and credibility.

Celebrities like Mike Tyson, Michael Jordan, and Melania Trump added to the hype, turning Solana into a mainstream crypto phenomenon. The "Ethereum killer" narrative went viral, fueled by venture capital giants like a16z, which poured $314 million into Solana in June 2021.

Sui, while technically robust, lacks a single dominant figure like SBF. Instead, its momentum comes from industry analysts and research firms. For example, David Zimmerman of K33 Research highlighted Sui’s technological edge and upcoming native gaming console as key differentiators.

Still, the absence of a charismatic public champion may slow broader market penetration. While institutional backing exists — including early support from a16z Crypto, Binance Labs, and Coinbase Ventures — there's no equivalent today to the SBF effect.

Riding the Meme Wave: Can Sui Capture the Hype?

Market cycles are defined by trends — and this cycle belongs to memecoins. In 2021, Solana rode the NFT and DeFi wave; today, speculative tokens dominate user activity.

For much of 2024, Solana remained the undisputed king of memecoins, generating over 10,000 new tokens daily. But Sui is catching up. In early September, new token creation on Sui hovered between 30–50 per day. By late September, that number jumped to over 300, signaling growing developer interest and community-driven innovation.

Trading volume tells a similar story: On September 24, Sui recorded $95 million in 24-hour token volume**, while Solana hit $1.1 billion. Though still far behind, Sui’s progress is notable — especially considering competition from Base, Ethereum L2s, and TON**.

If Sui can establish itself as a low-cost, high-speed playground for memecoins, it might attract the retail traders who fuel viral trends.

👉 See how fast blockchains are enabling the next generation of digital assets.

Capital Backing: Same Investors, New Chain

Investor overlap between Solana and Sui is striking. Both received early backing from a16z Crypto, Jump Crypto, Binance Labs, and Circle Ventures. In 2022, Sui’s parent company Mysten Labs raised $300 million in a round led by FTX Ventures — the same entity that heavily funded Solana.

Ironically, after FTX’s collapse, Mysten Labs bought back shares from the bankrupt estate for $96 million — distancing itself from past associations while retaining top-tier investor confidence.

Recent developments include:

These moves signal institutional validation — similar to how a16z and FTX propelled Solana in 2021. However, unlike Solana’s era of massive public funding rounds, Sui hasn’t announced new major raises (though OTC deals are rumored). This could limit marketing firepower unless organic growth sustains momentum.

Price Action: A Familiar Pattern?

The strongest argument for “Sui as the next Solana” lies in market behavior.

From August 5 to September 23, 2024 — just 49 days — SUI surged 256%. Compare that to SOL’s 264% rise between July 20 and August 18, 2021, achieved in only 29 days. The trajectories are remarkably similar: sharp upward moves driven by speculation, social sentiment, and improving fundamentals.

Yet key differences remain:

Notably, South Korean exchanges like Upbit have played a major role in driving SUI trading volume — capturing around 7.21% of global trade share. This regional enthusiasm mirrors past Asian-led rallies in altcoins.

Frequently Asked Questions (FAQ)

Is Sui faster than Solana?

Yes, in theory. Sui can handle up to 297,000 TPS, compared to Solana’s peak of 65,000. However, real-world usage currently sees lower throughput on both chains.

Who are the main investors behind Sui?

Top backers include a16z Crypto, Binance Labs, Coinbase Ventures, Jump Crypto, and Circle Ventures — many of whom also invested in Solana early on.

Why is SUI gaining attention now?

SUI is benefiting from improved on-chain activity, rising memecoin creation, institutional interest (e.g., Grayscale), and strong performance relative to other layer-1 blockchains.

Could Sui overtake Solana?

While possible long-term, Sui faces intense competition from established ecosystems like Solana, Ethereum L2s, and TON. It lacks breakout dApps with mass appeal so far.

What risks does SUI face?

Key risks include ongoing token unlocks, volatile user metrics (spikes followed by drops), and no dominant “killer app” yet to anchor its ecosystem.

Is now a good time to invest in Sui?

This article does not provide financial advice. Always conduct independent research and consider volatility, unlock schedules, and market conditions before making investment decisions.

Final Thoughts: Potential vs. Reality

Sui shares undeniable parallels with Solana’s 2021 ascent:

But critical challenges remain:

While history doesn’t repeat exactly, it often rhymes. Whether Sui becomes the next performance leader depends not just on speed or funding — but on building real utility, lasting communities, and breakout applications that go beyond speculation.

👉 Explore blockchain innovations that are redefining scalability and user experience.

Core Keywords: Sui blockchain, Solana comparison, SUI price prediction, layer-1 blockchain, high-performance blockchain, memecoin ecosystem, on-chain activity, crypto investment