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Cryptocurrency News Articles
Sui (SUI) Price Continues to Rally on Oct. 4, Gaining 115% Over the Past 30 Days
Oct 05, 2024 at 05:04 am
Data from Cointelegraph Markets Pro and TradingView shows SUI rose from a low of $0.742 on Sept. 2, climbing as much as 170% to a six-month high of $2
Cryptocurrency project Sui (SUI) has seen its price rally by over 115% in the last 30 days, fueled by a surge in memecoin activity on its layer-1 blockchain.
According to data from Cointelegraph Markets Pro and TradingView, SUI price rose from a low of $0.742 on Sept. 2, climbing as much as 170% to a six-month high of $2, just 8.8% shy of its $2.18 all-time high reached on March 27.
In comparison, the total crypto market capitalization has increased by 4.4% to $2.15 trillion in the last month, while Bitcoin (BTC) price has rallied by 7.3% over the same period to trade at $62,142.
As a result of its impressive price performance, SUI is now ranked as the second-highest 30-day gainer among the top 100 cryptocurrencies by market capitalization, according to CoinMarketCap.
SUI price rallies as ecosystem memecoins soar to new heights
The SUI price rally comes as the memecoin mania shifts to the Sui layer-1 blockchain. Memecoins in the SUI ecosystem have seen significant gains over the last 24 hours, outperforming the broader crypto market.
Data from CoinGecko reveals that the total market capitalization of memecoins on the SUI blockchain has increased significantly by 15% over the last 24 hours to rest at $$256.3 million on Oct. 4.
Aaa cat (AAA) has posted the most weekly gains with a 430% increase in the last seven days and 16% in the last 24 hours. Suiba Inu (SUIB) follows with triple-digit gains of 108% over the last seven days and 7% over the last 24 hours.
The largest Sui-based meme token by market capitalization, Sudeng (HIPPO), saw a 35% price increase on the day, bringing its market cap to $126.4 million. Notably, HIPPO accounts for nearly half of Sui’s total memecoin market value.
The enthusiasm for SUI memecoins reflects a broader investor sentiment toward the sector, with a similar interest in memecoins launching on Solana, Base and The Open Network (TON) as the sector remains one of the top crypto narratives in 2024.
Sui network activity spikes amid price rally
The rally in Sui ecosystem memecoins underscores the increasing relevance of the layer-1 ecosystem. This indicates that user interest in the Sui network is growing and that the recent price appreciation is being driven by rising development activity and genuine user engagement.
Its potential is further highlighted by high transaction volumes, growth in decentralized finance (DeFi) applications and an increasing total value locked.
Data from DefiLlama shows that SUI volume climbed to $198.7 million on Oct. 03, a 661% increase from $26.1 million on Sept. 4. The blockchain's all-time high volume is $219 million, set on March 26.
According to SuiScan, total transactions on the network have risen by over 16.7 million in the last 24 hours, reaching 2.02 billion.
Furthermore, data from DefiLlama reveals that the total value locked on the network has increased sharply over the last 30 days. As of Oct. 4, more than $1 billion is locked on the SUI network, which is a 63% increase from the $620 million in TVL recorded on Sept. 5, as illustrated in the chart below.
An increasing TVL suggests high user interaction and increased confidence in the network. In some cases, this demand increases for the native token, driving its price higher.
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