SUI crypto surges over 30% as meme coins gain traction

SUI crypto has gone up by by nearly 32%, upholding the positive momentum from the previous trading day. SUI-based meme coins such as MIU, LOFI and BLUB have also gained popularity.

According to data from crypto.news, SUI (SUI) has gone up 31.8% in the past 24 hours of trading. Throughout the past few days, the token has managed to maintain its rising streak, having gone up by 41.4% in the past seven days.

SUI crypto is currently trading hands at $2.94, nearing the $3 threshold. However, it is still 45% below its all-time high of $5.35 from early January this year. SUI’s market cap stands at $9.3 billion, just $700 million shy of $10 billion. SUI ranks in 13th place on the overall crypto leaderboard by market cap, falling just below Wrapped Bitcoin (WBTC) and Lido Staked Ether (STETH).

Meanwhile, the token’s daily trading volume has reached $2.3 billion, representing a 169% rise compared to the previous trading day ago and signaling a rise in market activity.

SUI crypto’s current price rally is largely due to the increasing meme coin activity on its network. SUI-based meme coins such as MIU, LOFI and BLUB have seen a rise of trader activity which has helped propel the price of its network token upwards.

SUI crypto meme coins on the rise

BLUB leads the charge with a 60.8% surge in the past 24 hours. It has been on a rally in the past week, having gone up by 77%. The SUI-based meme coin currently has a market cap of $7.7 million and a daily trading volume of $1 million in the past 24 hours, representing a 252.6% increase.

The cat-themed meme coin MIU has gone up nearly 20%, with a market cap of $69.4 million. On the other hand, LOFI saw an increase of 13.8% in the past 24 hours of trading.

Not only that, on-chain data shows that the SUI network has also hit a recent milestone of surpassing 500 million in total transactions processed. A 7.05% rise in user adoption has also contributed to the ecosystem’s continued growth.

According to DeFi Llama, the network has accumulated more than $1.5 billion in total value locked. Its stablecoin market cap is also nearing the $900 million mark, as it currently stands at $888 million.