Skyrocketing 26% to $2.80, SUI propels amid meme coin frenzy, as digital currencies LOFI and BLUB surge.
Hey there! Let's talk SUI cryptocurrency.
This memecoin craze has sent SUI's trading volume soaring 180% (!) to a whopping $3.8 billion, pushing the ecosystem's value perilously close to $3.
Just check out some of the memecoins making waves in the last day: Tardi skyrocketed 124%, Agent S exploded 100%, and even BLUB and LOFI surged 42% and 12% respectively.
The ecosystem's market cap has swelled 28% to a staggering $12 billion, showcasing just how wild the speculation has gotten among on-chain traders.
SUI's DEX volume goes off the charts
You guessed it—the hype wasn't just confined to the market cap. SUI's decentralized exchange saw its trading volume spike an impressive 30% to $549M in the past 24 hours, according to DeFiLlama. It's been an ascending trend since April 20, hitting $327 million on Monday and peaking at $549M at the height of the rally on Tuesday. As I compose this, the volumes have spiraled up to $772 million, proving beyond the doubt that the froth ain't going nowhere. In the past week, the Sui chain saw a whopping $2.5 billion worth of tokens traded.
This means more users (address activity) clamoring for the SUI token as their ticket to the party. Not to mention, increased demand for SUI as the native token for the chain. A deep dive into the factors that may have ignited this rally showed that rising DEX volumes, following closely behind the footsteps of the memecoin frenzy, might account for the surge.
The numbers don't lie
Artemis data paints a clear picture: the SUI price rally from $2.1 since mid-April was potently fueled by a massive surge in daily active addresses and DEX trading volumes. Although active addresses peaked at 1.7 million on April 20, the rising DEX volumes afterward pushed SUI even higher to $2.7 as of April 22. Intriguingly, volumes hit $777 million on Wednesday, coinciding with an extended rally to $2.9. Ergo, DEX volumes played a pivotal role in this rally. So, what's next for SUI?
At the moment, SUI is up 26% in the past 24 hours and trending toward the $3.5 level. However, to break through these barriers at $3 and $3.1, it's going to have to push harder. The daily RSI is creeping closer to the overbought zone, suggesting that the rally might cool off slightly before the next thrilling chapter unfolds.
Long-term, predictions for SUI price hover around the $37–$58 range by 2029–2030, contingent on sustained blockchain adoption and integration into mainstream finance. While these figures are speculative, the network's dedication to technological innovation and strategic partnerships positions it strongly in the Layer 1 battleground.
Eager to know what's in store for SUI? Keep a close eye on the DEX volumes and resistance levels at $5, and keep your fingers crossed for the next major moves!
- Interestingly, the surge in SUI's trading volume isn't limited to the memecoins alone, as the decentralized exchange (DEX) volume has also spiked by 30%.
- The increased DEX volume has been a significant factor in the recent SUI price rally, with daily active addresses and DEX trading volumes playing a crucial role.
- Artemis data indicates that DEX volumes have been instrumental in pushing the SUI price higher, with volumes hitting $777 million on Wednesday, coinciding with an extended rally.
- As for the future, the current resistance levels at $3 and $3.1 are challenging for SUI, but with a push, it could potentially break through these barriers.
- Over the long term, predictions for SUI price suggest it could range from $37 to $58 by 2029-2030, depending on sustained blockchain adoption and integration into mainstream finance.
- To stay updated on SUI's future price action, keep a close eye on the DEX volumes and check for major moves around the $5 resistance level.
