Sui (SUI) is experiencing a significant surge, with its price soaring 111% over the past 30 days. The cryptocurrency’s value has climbed from $0.742 on September 2 to reach a six-month high of $2 on October 4, approaching its all-time high of $2.18 established in March.
This impressive performance positions SUI as the second-best performer in the last 30 days among the top 100 cryptocurrencies by market capitalization, just behind Bittensor (TAO). During this same timeframe, the total cryptocurrency market cap rose by 4.4% to $2.15 trillion, while Bitcoin increased by 8.6%, reaching $62,142. SUI’s growth has significantly outpaced the overall market trend.
A considerable portion of SUI’s rally can be attributed to the burgeoning enthusiasm surrounding memecoins on its layer-1 blockchain. Memecoins like Aaa cat (AAA) and Suiba Inu (SUIB) have recorded remarkable gains, with AAA surging 430% in just one week.
Sudeng (HIPPO), the largest meme token based on the Sui network by market cap, also saw a 35% increase in a single day, contributing to the total Sui memecoin market cap, which now stands at $256.3 million.
In addition to price increases, Sui’s network activity has been on the rise, further solidifying its significance. Total transactions have recently exceeded 2 billion, and decentralized finance (DeFi) engagement on the platform has seen substantial growth.
The total value locked (TVL) on the Sui network has surged by 63% over the past month, surpassing $1 billion, indicating increasing user participation and confidence in the ecosystem.
This blend of network expansion and robust price performance positions Sui as a formidable contender in the cryptocurrency market.
Related topics:
Cryptocurrency Prices Decline Ahead of Powell’s Address
Fake WalletConnect App Defrauds Google Play Users of $70K
Governor Newsom Rejects AI Safety Bill, Citing Innovation Concerns
