SUI Gains Momentum as Memecoins Thrive on the Network
SUI (SUI) is experiencing a surge in both price and network activity. On April 22, the token jumped 11.86%, hitting $2.43. This price hike was fueled by a technical breakout and a surge in memecoin activity.
The recent price movement broke through a descending channel that began in December 2024.Traders believe this could lead to more positive momentum in the coming days.
Memecoins like MUI, LOFI, and BLUB have seen notable gains. LOFI rose 143% in the past week, while BLUB increased by 57%. This memecoin boom has boosted SUI’s key metrics.
- Monthly decentralized exchange (DEX) volume reached 3.2 billion SUI in March.
- Total value locked (TVL) hit a multi-month high of 2.5 billion SUI.
Despite SUI’s 54% drop since January, the ecosystem is growing. More on-chain activity is evident in the stablecoin figures. The total supply of stablecoins on SUI reached $880 million on April 21 and may soon surpass $1 billion.
This growth in SUI metrics, despite the price dip, suggests a robust network. The memecoin craze is driving real activity and interest in the SUI ecosystem.
