SUI Doubles in One Month Amid USDC Integration
07 Oct, 2024 ● Coin news
Sui's price continued its rally on Oct. 4, having gained 115% over the past 30 days.
Data from TradingView shows that SUI surged from a low of $0.742 on Sept. 2, climbing by as much as 170% to reach a six-month high of $2, just 8.8% below its all-time high of $2.18, set on March 27.
In comparison, the overall cryptocurrency market capitalization rose 4.4% to $2.15 trillion over the past month, while Bitcoin saw a 7.3% increase during the same period, trading at $62,142.
As a result, SUI’s impressive performance over the last month made it the second-highest 30-day gainer among the top 100 cryptocurrencies by market cap.
The rise in SUI’s price aligns with the growing interest in memecoins on the Sui layer-1 blockchain.
Memecoins within the SUI ecosystem have experienced significant gains over the past 24 days, outpacing the broader cryptocurrency market.
CoinGecko data shows that the total market capitalization of memecoins on the Sui blockchain jumped by 15% in the past 24 hours, reaching $256.3 million as of Oct. 4.
Aaa cat (AAA) led the weekly gains, rising by 430% over the past seven days and 16% in the last 24 hours.
Suiba Inu (SUIB) followed closely, with a 108% increase over the past week and 7% in the last 24 hours.
The largest memecoin on the Sui blockchain by market capitalization, Sudeng (HIPPO), saw a 35% price increase on the day, bringing its market cap to $126.4 million. HIPPO now accounts for nearly half of the total memecoin market value on the Sui network.
The surge in SUI memecoins reflects a broader trend of investor interest in the sector, with similar momentum seen in memecoins launched on other blockchains like Solana, Base, and The Open Network (TON), as memecoins remain a key crypto narrative in 2024.
The rally of Sui ecosystem memecoins highlights the growing relevance of the layer-1 ecosystem.
This suggests rising interest in the Sui network, with the recent price increases supported by heightened development activity and real user engagement.
The potential of the network is demonstrated by high transaction volumes, growth in decentralized finance (DeFi) applications, and a rising total value locked (TVL).
DefiLlama data reveals that SUI’s transaction volume climbed to $198.7 million on Oct. 3, representing a 661% surge from $26.1 million on Sept. 4.
The blockchain’s all-time high volume was $219 million, recorded on March 26.
According to SuiScan, the total number of transactions on the Sui network increased by over 16.7 million in the last 24 hours, bringing the total to 2.02 billion.
Additional data from DefiLlama shows that the total value locked (TVL) on the Sui network increased sharply over the past 30 days, reaching more than $1 billion on Oct. 4, a 63% increase from the $620 million recorded on Sept. 5.
An increasing TVL suggests strong user engagement and growing confidence in the network, which can drive demand for the native token and further boost its price.
Sources:
https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE
