The integration of USDC on the layer-1 blockchain has sparked a massive growth in SUI, with the price surging by over 115% within a week. Starting from a low of $0.742 on September 2, SUI reached a six-month high of $2 before experiencing a correction and currently trading at $1.72 SUI/USDT on Gate.io. Despite a 0.1% drop in the last 24 hours, SUI has gained 17.2% in the last 14 days. The market graph indicates a range-bound market with bearish pressure, standing 20.9% lower than its all-time high of $2.17.
The meme coin craze has also contributed to SUI’s recent price surge, with meme coins on the SUI network experiencing significant gains. Notable meme coins like AAA, SUIB, and HIPPO saw impressive value increases, with HIPPO accounting for more than half of the market capitalization of all meme coins on the blockchain. The overall positive sentiment in the market has led to an increase in interest in meme coins across various blockchains.
SUI’s network activity has seen a surge, indicating growing interest in the layer-1 blockchain. The rise in transaction volume, decentralized applications (DApps), and derivatives volume reflects increased user engagement and development activity on the network. The total value locked (TVL) on the SUI network has also increased significantly, surpassing $1 billion worth of assets locked.
SUI’s social dominance has been on the rise, with discussions about the asset increasing. However, extreme FOMO may signal a short-term market top, potentially leading to a price correction. The current market state shows an overbought condition, suggesting a possible price drop towards $1.68 before resuming the uptrend.
In conclusion, the integration of USDC, the meme coin craze, and the surge in network activity have propelled SUI to new heights. While the market shows signs of correction, continued interest and engagement in the SUI network could drive the price towards new highs in the future.