Published on oktober 5, 2024, 12:33 am
Image source: Fox News
```json { "TLDR": "SUI, an altcoin, surged 115% in a month due to integrating USDC into its blockchain, leading to increased user and network activity. SUI's price hit a six-month high with significant gains compared to Bitcoin. Memecoins within Sui ecosystem also saw substantial growth. Investor interest in memecoins across various blockchains is rising. Transaction volume and total value locked in the Sui network have surged, indicating increasing user engagement and network confidence." } ```
SUI, an altcoin, has surged by an impressive 115% in just a month following the integration of USDC into its blockchain. This move has not only boosted the SUI price but has also led to a significant increase in user and network activity, marking a notable milestone in the world of cryptocurrency.
As of October 4th, SUI’s price rally has continued with a remarkable 115% gain over the past 30 days. Starting from $0.742 on September 2nd, SUI reached a six-month high of $2, coming within just 8.8% of its all-time high of $2.18 achieved on March 27th.
Comparatively, while the total crypto market capitalization has seen a 4.4% increase to $2.15 trillion in the last month, Bitcoin (BTC) has surged by 7.3% during the same period to trade at $62,142. This performance places SUI as the second-highest gainer among the top 100 cryptocurrencies based on market cap in the past month.
This surge in SUI’s price coincides with a shift in focus towards memecoins within the Sui layer-1 blockchain ecosystem. Memecoins operating within this ecosystem have experienced substantial gains recently compared to the wider crypto market.
For instance, Aaa cat (AAA) saw unprecedented weekly gains with an astonishing rise of up to 430% over seven days and 16% within just 24 hours. Following closely behind is Suiba Inu (SUIB) displaying triple-digit growth at 108% over seven days and further increasing by 7% over one day.
The largest meme token based on Sui’s blockchain—Sudeng (HIPPO)—experienced a notable price surge of 35%, elevating its market cap to $126.4 million, accounting for nearly half of Sui’s total memecoin market value.
This uptrend underscores growing investor interest in memecoins within various blockchain ecosystems like Solana, Base, and The Open Network (TON), positioning them as key players in today’s cryptocurrency landscape.
The rally observed in the Sui ecosystem memecoins echoes a broader positive sentiment among investors towards this sector. It reflects an increasing user engagement and development activity on the Sui network driving its recent price surge backed by robust transaction volumes and growth in decentralized finance applications (DApps).
Data indicates that SUI transaction volume surged to $198.7 million on October 3rd from $26.1 million on September 4th—an outstanding increase of approximately 661%. Moreover, total transactions on the network rose significantly by over 16.7 million within just one day to reach an impressive tally of over two billion transactions recorded.
Furthermore, data confirms that there has been significant growth in total value locked (TVL) within the network over the last month exceeding $1 billion as recorded on October 4th—a substantial increase by about 63% compared to previous TVL measurements undertaken throughout September.
A rising TVL signifies heightened user interaction and growing confidence in the network which may translate into increased demand for native tokens propelling their prices upwards.
In conclusion, it is essential for readers to note that this article does not constitute investment advice or recommendations as every investment or trading decision bears inherent risks requiring thorough individual research before making any financial decisions related to cryptocurrencies.
Original article posted by Fox News
