SUI Surges 26% To $2.80 As LOFI And BLUB Memecoins Fuel Network Hype

Main Takeaways:

• SUI network transaction turnover increased by 180% during a surge in memecoin activity.
• Network activity has increased since the 20th of April, driving SUI’s price toward $3.

The Sui [SUI] network observed rapid growth as trading volumes surged 180% ($3.8 billion) during a surge in memecoin activity. 

Many of the memecoins in the network rose by double or triple digits in the last 24 hours of trading.

Such as Tardi [TARDI] and Agent S [AGENTS] surged 124% and 100%, respectively. Others like BLUB and LOFI recovered 42% and 12%.

Collectively, the network market cap surged 28% to $12 billion, highlighting the huge interest from traders buying and selling on the blockchain.

Sui DEX Volume Surges to New Heights

According to DeFiLlama, the growing interest was supported by increased activity on the network. In the last 24 hours, SUI’s DEX (decentralised exchange) trading volume surged 30% to $549 M.

Actually, this has been happening since April 20th. On Monday, the DEX volumes spiked to $327 million and reached $549M at the height of Tuesday’s market jump.

At the time of reporting, the volume has surged to $772 million, reinforcing the speculative excitement within the network. Collectively, the Sui chain observed $2.5 billion worth of tokens traded in the last week.

As a result, this led to more users (active addresses) and a higher demand for SUI, the main token of the network. AMBcrypto looked into how these factors might have helped SUI’s price rise in the last two days.

Artemis data showed that the SUI price increase from $2.1 since mid-April matched a big rise in daily active addresses (yellow) and DEX trading volumes (cyan).

Even though active addresses hit 1.7 million on April 20th, the increasing DEX volumes helped push SUI even higher to $2.7 by April 22nd.

Surprisingly, volumes surged to $777 million on Wednesday, happening alongside a sustained surge to $2.9. Ergo, DEX volumes pushed the rally forward. So, what’s coming up for the altcoin?

On the 24-hour price graph, SUI surged 26% in the last 24 hours and targeted the $3.5 level. Despite that, it had cleared the upward barriers at $3 and $3.1.

Also, the daily RSI got closer to the overbought area, indicating that the rally might slow down a bit before continuing the upward trend or making a small pullback.

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