The price of SUI has soared 115% in the last month, largely driven by the integration of USDC into its blockchain, which has fueled significant growth in both user engagement and network activity.
SUI’s Price Surge Reaches Six-Month High
On October 4, SUI’s price continued its impressive rally, marking a 115% gain over the previous 30 days. According to data from TradingView, SUI rose from a low of $0.742 on September 2, reaching a six-month high of $2. This surge brought it within 8.8% of its all-time high of $2.18, recorded on March 27.
While the total cryptocurrency market saw a modest 4.4% increase in market capitalization over the past month, with Bitcoin climbing 7.3%, SUI’s massive performance positioned it as the second-highest gainer among the top 100 cryptocurrencies by market cap.
Memecoins on SUI Ecosystem Drive Growth
SUI’s recent price rally is tied to a surge in activity around memecoins within its ecosystem. Over the past 24 days, memecoins on the SUI blockchain have seen remarkable gains, far outpacing the broader crypto market.
As of October 4, data from CoinGecko showed the total market capitalization of SUI-based memecoins had jumped by 15% in just 24 hours, reaching $256.3 million. Among these, Aaa cat (AAA) led the charge with a staggering 430% weekly increase, while Suiba Inu (SUIB) posted triple-digit gains of 108% over the past week.
The largest memecoin on the SUI network, Sudeng (HIPPO), saw a 35% rise in value on October 4, bringing its market capitalization to $126.4 million. HIPPO alone accounts for nearly half of the total value of SUI’s memecoin market.
This memecoin frenzy is not isolated to SUI, as other blockchains like Solana, Base, and The Open Network (TON) have also seen increased interest in memecoins, making this sector one of the top crypto trends in 2024.
Sui Network Sees Surge in Activity
The rally in SUI’s price and memecoins reflects broader growth in the network’s user base and ecosystem. The increase in network activity is evidenced by rising transaction volumes, expanding decentralized finance (DeFi) applications, and higher total value locked (TVL) on the blockchain.
Data from DefiLlama indicates that SUI’s transaction volume hit $198.7 million on October 3, a 661% increase from the $26.1 million recorded on September 4. The blockchain’s all-time high volume of $219 million was set on March 26. Additionally, SuiScan reports that total transactions on the network surged by 16.7 million in the past 24 hours, reaching 2.02 billion.
The total value locked (TVL) on the SUI network has also seen a sharp rise. As of October 4, the TVL had climbed to over $1 billion, a 63% increase from $620 million on September 5, according to DefiLlama.
