SUI charts 115% monthly gains as ecosystem memecoins accumulate after USDC integration
The price of Sui (SUI) continued to rise on October 4, gaining 115% over the past 30 days.
According to data from Cointelegraph Markets Pro and TradingView, SUI rose from a low of $0.742 on September 2, rising as much as 170% to a 6-month high of $2, which is 8.8% shy of the $2.18 reached on March 27. .
SUI/USD Daily Chart. Source: TradingView
Compared to SUI, the total crypto market capitalization increased by 4.4% to 2.15 trillion dollars last month, while Bitcoin (BTC) increased by 7.3% to trade at 62,142 dollars in the same period. As such, Sui's performance last month resulted in the second highest 30-day gain in market capitalization among the top 100 cryptocurrencies.
Top winners September 12. Source: CoinMarketCap
SUI is increasing memecoins in the ecosystem.
The SUI price rally comes as the memecoin frenzy transitions to the Sui Layer-1 blockchain. Memecoins in the SUI ecosystem have seen huge gains over the past 24 days, outperforming the broader crypto market.
According to data from CoinGecko, the total market capitalization of memecoins on the SUI blockchain increased by a significant 15% in the last 24 hours to rest at $256.3 million on October 4.
Aaa Cat (AAA) posted its biggest weekly gain, up 430% in the last seven days and 16% in the last 24 hours. Suba Inu (SUIB) has posted triple-digit gains of 108% over the past seven days and 7% over the past 24 hours.
Memecoins in the SUI ecosystem. Source: CoinGecko
The largest Sui-based meme token by market capitalization – Sudeng (HIPPO) – showed a 35% increase in price on the day, bringing its market value to $126.4 million. Specifically, HIPPO accounts for nearly half of Sui's total memecoin market cap.
The euphoria shown by SUI memecoins reflects broader investor sentiment for the sector, as the sector continues to be among the top crypto narratives in 2024, similar to the demand for memecoins launched on Solana, Base and Open Network (TON).
Related: Circle's USDC stablecoin launches on Sui network
Sui network activity has increased.
The rally in the Sui ecosystem's memecoins has reinforced the importance of the Layer-1 ecosystem. This means that user interest is growing on the Sui network and the recent price growth seems to be supported by increasing development activity and real user participation.
The potential is unlocked by high transaction volumes, the growth of DeFi applications (DApps) and the increasing overall value.
According to data from Defillama, SUI volume increased to $198.7 million on October 3, representing a 661% increase from $26.1 million on September 4. The blockchain's all-time high is $219 million, set on March 26.
Transaction volume on Sui. Source: Defillama
According to data from Suiscan, total transactions on the network increased by more than 16.7 million to 2.02 billion in the last 24 hours.
Additional data from Defillama shows that the Total Value Locked (TVL) on the network has increased significantly over the past 30 days. According to the chart below, more than $1 billion has been locked onto the SUI network since October 4, a 63 percent increase from the $620 million TVL recorded on September 5.
TVL on Sui Network. Source: Defillama
Increasing TVL results in higher user interaction and increased trust in the network. In some cases, this will increase demand for the native token and drive its value higher.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
