SUI gained over 115% within a week of launching USDC on the layer 1 blockchain. The integration of USDC has resulted in the growth of the network business and user base. Data on Coingecko shows that the SUI price rose from a low of $0.742 on September 2 to $2, a six-month high so far. Nevertheless, the asset, as it is today, has undergone a correction trading at $1.72 SUI/USDT on Gate.io. Although the value is down 0.1% in the last 24 hours, it is up 17.2% in the last 14 days. The following chart shows the 7-day price movement of SUI.
SUI weekly price chart – Coingecko
As the chart shows, the asset is within a range-bound market. At the end of the chart there is a bearish harami pattern, indicating that SUI has strong bearish pressure. Currently, the cryptocurrency price is 20.9% lower than the all-time high of $2.17 reached on March 27 this year. In contrast, the total crypto market cap rose just 4.4% to $2.15 trillion. On the other hand, Bitcoin gained 7.3% during the same period. Overall, SUI’s astronomical price increase made it into the 30se biggest winner during the period.
SUI Meme Coins are gaining momentum
One factor that contributed to the recent price increase of SUI was the crazy meme coin on the blockchain. In fact, the meme coins made significant gains this past week. Within the 24-hour period spanning October 3 to 4, the total market capitalization of meme coins on Sui increased by 15% to $256.3 million. Aaa cat (AAA) was one of the biggest gainers during the week as its value rose 430%. During the same period, the value of Suiba Inu (SUIB) increased by 108%. Notably, Sudeng (HIPPO), the largest meme coin on the SUI network, gained 35%. As a result, its market capitalization rose to $126.4 million. In fact, HIPPO is responsible for more than half of the market capitalization of all meme coins on the blockchain.
Overall, the SUI’s strong price action and the robust performance of related meme coins were a result of the market-wide positive sentiment. For example, there was similar interest in meme coins on other blockchains, including Solana, Base and The Open Network (TON). Currently the trending meme coins are Simon’s Cat, Dogs and Popcat. However, most of the leading meme coins are red at the time of writing.
Meme Coin Market Performance – Coingecko
As you can see in the table, among the top 8 meme coins, only Popcat and Dogecoin have gained in the last 24 hours.
Sui network activity is increasing
One of the factors contributing to SUI’s recent strong price action was a surge in network activity. This shows that there is a growing interest in the layer 1 blockchain. In fact, there is growth in network development activity and user involvement. The growth in transaction volume and decentralized applications (DApps) reflects the interest in the network and its products. The following graph shows the change in trading volume on the network.
Transaction volume on Sui-DefiLlama
As the chart shows, there has been an increase in SUI trading volume since early October. Moreover, the derivatives volume increased during that period.
SUI Derivatives Volume – Defilama
As the chart shows, the volume of SUI derivatives has increased since the end of August. For example, SUI’s trading volume rose from $26.1 million on October 3 to $198.7 million on October 4, a 661% increase.
Another important development is that the total value of SUI (TVL) has increased remarkably over the past 30 days. The following chart shows that more than $1 billion worth of assets were locked on the network.
TVL on Sui Network – DefiLlama
The increase in TVL indicates that user engagement and network interaction have improved in recent days. Usually, such developments result in a sharp increase in demand for the currency.
On a related note, SUI’s social dominance has also increased in recent weeks. For example, the country’s social dominance increased by 1.53% during the 24-hour period spanning October 2-3. Due to the rise of social dominance, discussions about SUI are high. However, sometimes this trend shows euphoria over the asset, which can lead to Fear Of Missing Out (FOMO). Extreme FOMO can therefore indicate a short-term market top. The following graph shows the changes that have occurred in SUI’s social dominance in recent days.
Sui social dominance – Santiment
In short, SUI’s social dominance has reached its highest point in the past year. However, it is worth noting that extreme FOMO can lead to a price correction.
SUI price forecast
Currently, SUI’s Relative Strength Index (RSI) shows an overbought market situation, indicating that the price could fall in the near future. Based on the current SUI market scenario, the price could drop towards $1.68 before continuing the uptrend. Still, a higher distribution could push the price further towards $1.42. On the other hand, an increase in buying activity could force the price to target $1.85, the very recent high. From there it could rise to $2.
