The Sui crypto ecosystem is showing renewed vitality, marked by a notable price upswing and strengthening on-chain fundamentals, significantly boosted by burgeoning memecoin activity.
The SUI digital asset recently gained substantial traction. On April 22, SUI recorded an impressive 11.86% increase, reaching a value of $2.43. This price movement coincided with a positive technical signal and appears largely influenced by the growing popularity of memecoins within its network.
This rally saw the SUI price push past the upper resistance of a descending channel pattern observed since late last year. This technical development has prompted discussion among market observers about the potential for sustained upward momentum in the near term.
Memecoins native to the Sui blockchain, such as MUI, LOFI, and BLUB, have experienced considerable gains recently. LOFI, for example, surged by 143% over a seven-day period, while BLUB saw a 57% increase in the same timeframe. This enthusiasm around memecoins correlates with a marked rise in Sui’s core network metrics.
Key indicators like decentralized exchange (DEX) volume and the total value locked (TVL) on the Sui network have climbed, measured in SUI tokens. According to DeFi analytics platforms, monthly DEX volume hit 3.2 billion SUI in March, following a volume exceeding 3 billion SUI in February. Concurrently, TVL denominated in SUI has trended upwards since December, reaching a multi-month peak of 2.5 billion SUI.
[SUI DEX volume and TVL, in terms of SUI tokens]
Growth measured in the native SUI token suggests increasing real network usage, even as the asset’s dollar value remains significantly below its January peak (having declined approximately 54% since then). This points towards genuine expansion within the Sui ecosystem, driven by user activity.
Further evidence of this trend is visible in stablecoin statistics on the network. The aggregate supply of stablecoins circulating on Sui achieved a new all-time high of $880 million on April 21, indicating strong potential to surpass the $1 billion milestone soon. This highlights growing confidence and liquidity within Sui’s DeFi landscape.