SUI, a popular cryptocurrency, saw a massive 115% rise in value in September 2024 following its integration with USDC, a leading stablecoin. This integration spiked user activity and boosted the network, leading to significant gains for SUI and its associated memecoins.
SUI Price Surges to Six-Month High
As of October 4, SUI has climbed from $0.74 on September 2 to nearly $2, reaching its highest point in six months. This surge, just shy of its all-time high of $2.18, makes SUI one of the best-performing cryptocurrencies among the top 100 by market cap.
While the overall crypto market saw a 4.4% growth, and Bitcoin rose by 7.3%, SUI outpaced them significantly with its 115% rise, making it the second-highest gainer in the last 30 days.
Memecoins Boost SUI Ecosystem Growth
SUI’s rise in value was driven by the popularity of memecoins within its ecosystem. Memecoins like Aaa cat (AAA) and Suiba Inu (SUIB) have surged, with AAA gaining 430% in just a week. Suiba Inu followed with a 108% increase over the same period.
The largest meme token on SUI, Sudeng (HIPPO), also saw a 35% increase in its value, contributing to nearly half of the total memecoin market cap on the SUI blockchain. The total market cap of SUI memecoins rose by 15% to $256.3 million on October 4.
Rising Network Activity and DeFi Growth
SUI’s ecosystem is expanding beyond memecoins. Data from DefiLlama shows that SUI’s transaction volume grew by 661%, from $26.1 million on September 4 to $198.7 million on October 3. Total transactions on the network also saw a massive increase, with over 16.7 million new transactions in just 24 hours.
The total value locked (TVL) on the SUI network has increased by 63%, reaching over $1 billion on October 4, compared to $620 million in early September. This growth in TVL indicates rising user engagement and confidence in the SUI ecosystem, further driving demand for the SUI token.
Conclusion
SUI’s strong performance in September, driven by the USDC integration and the rise of memecoins, highlights the growing strength of the SUI ecosystem. With increased user activity, higher transaction volumes, and more value locked in DeFi applications, SUI is positioning itself as a major player in the crypto world.
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