SUI gained by over 115% within one week following the launch of USDC on the layer-1 blockchain. The integration of USDC has resulted in the growth of its network activity and user-base. Data on Coingecko shows that the SUI price rose from a low of $0.742 on 2 September to $2, its six-month high so far. Nevertheless, the asset has had a correction as it is currently trading at $1.72 SUI/USDT on Gate.io. Although its value dropped by 0.1% within the last 24 hours, it has gained by 17.2% within the last 14 days. The following graph shows SUI’s 7-day price movement.
SUI Weekly Price Chart – Coingecko
As the graph shows, the asset is within a range bound market. At the end of the graph there is a bearish harami pattern which indicates that SUI has strong bearish pressure. At the moment, the cryptocurrency price is 20.9% lower than its all-time high of $2.17, attained on 27 March this year. In contrast the total crypto market capitalization increased by only 4.4% to $2.15 trillion. On the other hand, bitcoin gained by 7.3% during the same period. Generally, SUI’s astronomical price rise made it the 30th largest gainer during the period.
SUI Meme Coins Gains Momentum
One contributing factor to the recent SUI price surge was the meme coin crazy on the blockchain. In fact, the meme coins had significant gains during last week. Within the 24-hour period that stretched between 3 and 4 October the total market cap of meme coins on Sui increased by 15% to $256.3 million. Aaa cat (AAA) was one of the greatest gainers during the week as its value increased by 430%. During the same period the value of Suiba Inu (SUIB) rose by 108%. Notably, Sudeng (HIPPO), the biggest meme coin on the SUI network, gained by 35%. As a result, its market capitalization surged to $126.4 million. In fact, HIPPO accounts for more than half of the market capitalization of all meme coins on the blockchain.
Generally, the SUI’s strong price action and the robust performance of related meme coins was a result of the market wide positive sentiment. For example, there was similar interest in meme coins on other blockchains that include Solana, Base and The Open Network (TON). Currently, the trending meme coins include Simon’s Cat, Dogs and Popcat. However, most leading meme coins are in red at the time of writing.
Meme Coin Market Performance – Coingecko
As you note in the table, among the top 8 meme coins only Popcat and Dogecoin gained within the last 24 hours.
Sui network activity Surges
One of the factors that has contributed to SUI’s recent strong price action was a surge in its network activity. That shows that there is growing interest in the layer-1 blockchain. In fact, there has been growth in the network development activity and user-engagement. The growth in transaction volume and decentralized applications (DApps) mirror the interest in the network and its products. The next graph shows the change in trading volume on the network.
Transaction volume on Sui- DefiLlama
As observed on the graph, there has been a rise in SUI trading volume since the start of October. In addition, the derivatives volume has been increasing during that period.
SUI Derivatives Volume – Defilama
As seen in the graph, the SUI derivatives volume has been rising since the end of August. For example, the SUI trading volume rose from $26.1 million on 3 October to $198.7 million on 4 October, representing an increase of 661%.
In another significant development SUI’s total value locked (TVL) increased remarkably within the past 30 days. The following chart shows that over $1 billion worth of assets were locked on the network.
TVL on Sui network – DefiLlama
The increase in its TVL indicates that user-engagement and network interaction have improved over the last few days. Usually, such developments result in a surge in the coin’s demand.
In a related note, SUI’s social dominance has been on the rise as well during the past few weeks. For instance, its social dominance increased by 1.53% during the 24-hour period that stretched between 2 and 3 October. The rise in social dominance means that the discussions about SUI are high. However, at times that trend shows euphoria about the asset which may lead to Fear Of Missing Out (FOMO). Thus, extreme FOMO may indicate a short-term market top. The next graph shows the changes that occurred in SUI social dominance in the past days.
Sui Social Dominance – Santiment
Basically, SUI social dominance has been at the highest point during the current year. However, it is worth noting that extreme FOMO may lead to a price correction.
SUI Price Prediction
At present SUI’s Relative Strength Index (RSI) is showing an overbought market state, indicating that its price may fall in the near future. Based on the current SUI market scenario its price may drop towards $1.68 before continuing with the uptrend. Still, higher distribution may further push its price towards $1.42. On the other hand, a rise in buying activity may force its price to target $1.85, its very recent high. From there, it may increase towards $2.
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