TLDR
- SUI token surged 115% in 30 days, reaching $1.69
- Memecoins in SUI ecosystem drove rally with triple-digit gains
- SUI network saw increases in transaction volume, development activity, and TVL
- Total market cap of SUI memecoins rose 15% to $256.3 million
- Analysts divided on SUI’s future price movements
The SUI token has experienced a significant price surge, climbing 115% over the past 30 days to reach $1.69 on October 4th. This marks a six-month high for the token, which is now trading just 8.8% below its all-time high of $2.18 set on March 27th.
The recent rally has outpaced the broader cryptocurrency market, with SUI emerging as the second-highest gainer among the top 100 cryptocurrencies by market capitalization over the last month.
During the same period, the overall crypto market cap increased by 4.4%, while Bitcoin saw a 7.3% gain.
A key driver behind SUI’s explosive growth has been the rapid expansion of memecoins within its blockchain ecosystem. The total market capitalization of SUI-based memecoins reached $256.3 million on October 4th, representing a 15% increase over the past 24 days.
Several memecoins on the SUI network have posted impressive gains. Aaa cat (AAA) saw a 430% increase in the past week, with an additional 16% rise in the last 24 hours.
Suiba Inu (SUIB) added 108% over the week and 7% in the past day. Sudeng (HIPPO), the largest SUI memecoin by market cap, surged by about 35%, pushing its market capitalization to $126.4 million.
The memecoin trend is not unique to SUI, as similar activity has been observed on other blockchains like Solana, Base, and The Open Network (TON).
Beyond the memecoin frenzy, the SUI network has experienced significant growth across multiple metrics. Transaction volume on the Sui blockchain increased by 661%, jumping from $26.1 million on September 4th to $198.7 million on October 3rd. This figure is approaching the record high of $219 million set on March 26th.
The overall number of transactions on the Sui network also saw a substantial increase. According to SuiScan, more than 16.7 million additional transactions occurred within 24 hours, bringing the total to 2.02 billion.
This surge in activity suggests growing user interest and engagement within the Sui ecosystem.
The total value locked (TVL) on the Sui network rose 63% to $1 billion by October 4th, up from $620 million a month earlier.
A higher TVL typically indicates increased user interaction and trust in the platform, which can drive up demand for the native token and potentially lead to further price increases.
Despite the recent price movements, market analysts remain divided on SUI’s future prospects. Some experts predict a short-term correction, with the token potentially pulling back to around $1.4, though a drop back to $1 is considered unlikely.
On the other hand, many analysts expect continued growth due to SUI’s strong fundamentals. The token is currently testing a major resistance level, and a further price increase may follow if it breaks through.
