Pre-Solana Meme Coins Are Surging in Volume, Market Cap Far Smaller But Growing Fast

If fresh DEX trading volumes start flowing into these assets, Sui could be the next emerging ecosystem for meme coins.

As the cryptocurrency sector witnesses a resurgence in meme coin activity, particularly within the Solana ecosystem, another blockchain is emerging as a potential hotbed for meme coins: Sui.

Despite typically being seen as a smaller player in the meme coin sector, with a market cap of $123 million compared to Solana's $6.3 billion, Sui meme coins are surging in volume. In the past week alone, LOFI, a meme coin deployed on the blockchain, has shot up by over 186%.

If this sparks fresh DEX trading volumes to flow into these assets, Sui could be the next emerging ecosystem for meme coins.

Solana’s meme coins have been making headlines lately with massive trade volumes and token price surges. This has led to speculation that Solana could be setting the stage for a new meme coin boom.

However, while Solana meme coins are exposed to significant risk due to their extreme volatility, meme coins on Sui are also showing some unexpected strength.

Sui is a high-performance Layer-1 blockchain that shares similarities with Solana but has several key differences. It's designed for scalability using parallel transaction processing and an object-centric transaction model.

This focus on scalability and efficient transaction handling aligns well with the rapid trading activity and community involvement that characterize meme coins.

Moreover, Sui’s ecosystem is still in the early stages of development compared to Solana’s, which could present interesting opportunities for meme coins to gain traction.

Sui's developers are constantly working on upgrades to encourage new projects, some of which are explicitly geared towards meme coins.

In the past 24 hours, Solana's meme coin market cap grew by 2.4 percent, while Sui's increased by 4.6 percent. LOFI's 184.5 percent surge in the last week is a testament to the dedicated community that drives these tokens.

Don't call it a $LOFI comeback. I never lost conviction. The first run was just shy of $300M. The $SUI ecosystem is growing like crazy. Remember, the Phantom integration will be huge for SUI projects.

Don't sleep on @lofitheyeti – one of my highest conviction meme coin plays. pic.twitter.com/WlU9tjPHpm

— DeFi Ben (@DeFiBen9ja) August 10, 2023

While LOFI's impressive rise is noteworthy, several other projects on the layer-1 network have also attracted speculative interest.

Meme coins thrive on community hype and engagement, which is evident in the blockchain's DEX volumes. If this high performance and committed enthusiasm connect with fresh investors, it could present an explosive opportunity.

For now, Sui's meme coin ecosystem has a ways to go, with a total market cap of $123 million. However, this sector moves quickly, and the Sui ecosystem could be poised to make some major growth soon if meme coin enthusiasts continue to trade.