SUI skyrockets 26% to $2.80 as memecoins like LOFI, BLUB ignite network frenzy
Here's how SUI's explosive run towards $3 was driven by memecoin frenzy.
- SUI ecosystem trading volume surged 180% amid memecoin frenzy.
- Network activity has surged since the 20th of April, pushing SUI’s value closer to $3.
The Sui [SUI] ecosystem saw explosive traction as trading volumes spiked 180% ($3.8 billion) amid the memecoin frenzy.
Several memecoins in the ecosystem were up by double or triple digits in the past 24 hours of trading.
For example, Tardi [TARDI] and Agent S [AGENT S] exploded 124% and 100%, respectively. Others like BLUB and LOFI rallied 42% and 12%.
Overall, the ecosystem market cap jumped 28% to $12 billion, underscoring massive speculative interest amongst on-chain traders.
Sui’s DEX volume explodes
The above speculative interest was reinforced by network traction. In the past 24 hours, Sui’s DEX (decentralized exchange) trading volume spiked 30% to $549M, according to DeFiLlama.
In fact, this has been a growing trend since the 20th of April.
On Monday, the DEX volumes surged to $327 million and hit $549M at the peak of Tuesday’s rally.
At the time of writing (Wednesday), the volumes had spiked to $772 million, reiterating the speculative froth within the chain. Overall, Sui chain saw $2.5 billion worth of tokens traded in the past seven days.
By extension, this meant increased users (address activity) and demand for SUI as the native token for the chain. AMBcrypto explored how these factors could have boosted SUI’s price rally in the past two days.
Artemis data revealed that the SUI price rally from $2.1 since mid-April correlated with a strong surge in daily active addresses (yellow) and DEX trading volumes (cyan).
Although active addresses peaked at 1.7 million on the 20th of April, the rising DEX volumes afterwards pushed SUI even higher to $2.7 as of the 22nd of April.
Interestingly, volumes climbed to $777 million on Wednesday, coinciding with an extended rally to $2.9. Ergo, DEX volumes (memecoin frenzy) contributed to the rally. So, what’s next for the altcoin?
On the daily price chart, SUI was up 26% in the past 24 hours and eyed the $3.5 level. However, it had to clear the overhead obstacles (moving averages) at $3 and $3.1.
Besides, the daily RSI edged closer to the overbought zone, suggesting that the rally could cool off slightly before the next leg of the uptrend or retracement.
