Sui (SUI) price continues to rally on Oct. 4, gaining 115% over the past 30 days.
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, just 8.8% shy of its $2.18 all-time high reached on March 27.
SUI/USD daily chart. Source: TradingView
In comparison to SUI, the total crypto market capitalization has increased 4.4% to $2.15 trillion in the last month, while Bitcoin (BTC) has rallied 7.3% over the same period to trade at $62,142. As such, SUI’s performance over the last month has seen it become the second-highest 30-day gainer among the top 100 cryptocurrencies by market cap.
Top gainers Sept. 12. Source: CoinMarketCap
SUI rallies at its ecosystem memecoins soar
SUI price rally comes as the memecoin frenzy shifts to the Sui layer-1 blockchain. Memecoins in the SUI ecosystem have seen significant gains over the last 24 days, outperforming the broader crypto market.
Data from CoinGecko reveals that the total market capitalization of memecoins on the SUI blockchain has significantly risen by 15% over the last 24 hours to rest at $256.3 million on Oct. 4.
Aaa cat (AAA) posted the most weekly gains, rising 430% over the last seven days and 16% in the last 24 hours. Suiba Inu (SUIB) followed with triple-digit gains of 108% over the last seven days and 7% over the last 24 hours.
Memecoins in the SUI ecosystem. Source: CoinGecko
The largest Sui-based meme token by market capitalization — Sudeng (HIPPO) — saw a 35% price ascent 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 euphoria displayed by SUI memecoins reflects a broader investor sentiment toward the sector, with a similar traction interest in memecoins launched on Solana, Base and The Open Network (TON) as the sector remains among the top crypto narratives in 2024.
Related: Circle’s USDC stablecoin to launch on Sui network
Sui network activity spikes
The rally in Sui ecosystem memecoins reinforced the increased relevance of the layer-1 ecosystem. This means user interest in the Sui network is growing and that the recent price growth appears to be backed by rising development activity and genuine user engagement.
Its potential is evidenced by high transaction volumes, growth in DeFi applications (DApps) and an increasing total value locked.
Data from DefiLlama reveals that SUI volume climbed to $198.7 million on Oct. 3, representing a 661% uptick from $26.1 million on Sept. 4. The blockchain’s all-time high volume is $219 million, set on March 26.
Transaction volume on Sui. Source: DefiLlama
According to data from SuiScan, total transactions on the network rose by over 16.7 million in the last 24 hours to 2.02 billion.
Additional data from DefiLlama shows that the total value locked (TVL) on the network has increased sharply over the last 30 days. According to the chart below, more than $1 billion was locked on the SUI network as of Oct. 4, 63% higher than the $620 million in TVL recorded on Sept. 5
TVL on Sui network. Source: DefiLlama
An increasing TVL suggests high user interaction and increased confidence in the network. In some cases, this increases demand for the native token and drives its price higher.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.