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- Sui (SUI) price surged 11.86% to $2.43, driven by increased memecoin activity on the network.
- Memecoins like LOFI and BLUB saw massive gains, pushing SUI’s trading volume and network growth.
- Stablecoins on the SUI network hit a record $880 million, signaling increasing network strength.
Sui (SUI) trading volume is up, and this is on the back of a rising memecoin frenzy on its network. SUI also reached a high of $2.43 on April 22, with the coin increasing by 11.86%. This increase in price made the necessary shift of breaking through a technical level that attracted the attention of the traders and investors. The revenue increase can be mainly related to the rising memecoin activity in the SUI environment.
The recent upswing was after SUI managed to overcome the channel that has been in an active downward trend since December 2024. This technical breakout has led many people to believe that the positive trend is likely to continue in the future. Thus, as SUI is experiencing an increase in demand, experts can predict that the token will continue its upward price movement in the future.
SUI Trading Volume Growth
This is especially so by memecoins such as MUI, LOFI, and BLUB that have also contributed towards this movement. Specifically, LOFI grew by 143% within the last week, and the growth rate of BLUB was 57%. These strong performances are gradually pushing up the traffic volumes for the SUI network, making it even more attractive to the traders.
With the increase in memecoin activity, other indicators of the network’s performance have also shown positive changes. The decentralized exchange reached 3.2 billion token in March, a slight increase from the March market value of 3 billion token. Meanwhile, the total value locked (TVL) in the token network also continues to rise and has surged to a multi-month high of 2.5 billion token in network growth.
Source: DeFiLlama
Furthermore, despite a price decline of approximately 54% since its January high, certain aspects of SUI’s ecosystem are continuing to expand. The rise in network activity indicates that SUI is actually growing, but as a result of the prices going down. There is an increase in the number of active users and dApps, which gives a good indication of the network’s sustainability.
Stablecoin Supply Growth
The stablecoins on the SUI network are also growing daily and achieving new heights. The overall supply of stablecoins reached a record on April 21, standing at $880 million. The total stablecoin supply in the network will reach the next milestone of $1 billion, further strengthening the network’s position in the cryptocurrency market.
The constant increase in network traffic further proves the robustness of SUI. Despite recent price volatility, the rising interest in memecoins and the increase in on-chain activity point toward a promising future for the SUI network.
