SUI has experienced a significant surge in price, with a growth of over 115% within just one week following the launch of USDC on the layer-1 blockchain. This integration of USDC has not only led to an increase in network activity but also a growth in the user-base of SUI. According to data from Coingecko, the price of SUI rose from a low of $0.742 on 2 September to $2, marking its six-month high. However, there has been a correction since then, with SUI currently trading at $1.72 SUI/USDT on Gate.io. Despite a slight drop of 0.1% in the last 24 hours, SUI has seen a gain of 17.2% over the last 14 days.
The price chart for SUI over the past week indicates that the asset is currently in a range-bound market, with a bearish harami pattern suggesting strong bearish pressure. While the price is 20.9% lower than its all-time high of $2.17, the total crypto market capitalization has only increased by 4.4% to $2.15 trillion during the same period, with Bitcoin gaining by 7.3%. Despite this, SUI’s remarkable price rise has positioned it as the 30th largest gainer in the market during this period.
One of the contributing factors to SUI’s recent price surge has been the momentum gained by meme coins on the blockchain. Meme coins, including AAA cat (AAA), Suiba Inu (SUIB), and Sudeng (HIPPO), recorded significant gains, with HIPPO accounting for more than half of the market capitalization of all meme coins on the blockchain. The positive sentiment around meme coins has been mirrored in other blockchains like Solana, Base, and The Open Network (TON).
The surge in SUI’s price action can also be attributed to the increase in network activity, as evidenced by the growth in transaction volume and decentralized applications (DApps) on the network. The rise in trading volume and derivatives volume further indicates growing interest in the layer-1 blockchain. Additionally, SUI’s total value locked (TVL) has seen a remarkable increase, with over $1 billion worth of assets locked on the network.
SUI’s social dominance has also been on the rise, indicating high levels of discussion and interest in the asset. However, extreme Fear Of Missing Out (FOMO) may signal a short-term market top, leading to a potential price correction. The current Relative Strength Index (RSI) for SUI suggests an overbought market state, hinting at a possible price drop in the near future.
In conclusion, SUI’s recent price surge, network activity, and social dominance point towards a growing interest in the layer-1 blockchain. While the market sentiment remains positive, investors should remain cautious of potential price corrections and market fluctuations.