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Sudeng, a recently launched meme coin on the Sui Blockchain, rose by over 30% as cryptocurrencies recovered.
Sudeng (HIPPO) rose to a record high of $0.0143 on Oct. 3, a 180% increase from its lowest level this week.
This rally happened as demand for Sui (SUI) meme coins jumped, with their total market cap rising to $234 million.
Blub, the second-biggest meme coin in the ecosystem after Sudeng, rose by 10% in the last seven days. Fud the Pug (FUD) and aaa Cat jumped by over 107% and 665% in the same period.
Sudeng’s rally happened as the Sui Blockchain continues to see robust activity. Its token has been the best-performing big coin in the last 30 days as it jumped by over 127%.
Sui Blockchain is doing well
More data shows that the total value locked in its ecosystem has risen by over 66% in the 30 days to over $1.01 billion. This growth makes it the seventh-biggest blockchain in the industry, with the biggest players being NAVI Protocol, Cetus, Suilend, and Scallop Lend.
Sui has also become a big name in the DEX industry, helped by the strong performance of meme coins in its ecosystem. Its DEX volume rose by 32% in the last seven days to over $826 million, making it the sixth-biggest name in the industry.
According to Suiscan, total transactions in its network rose by over 12.5 million in the last 24 hours to 2.02 billion.
Meme coins have become a big part of the crypto industry, with data by CoinGecko estimating that they have a combined market cap of over $50 billion.
Their surge has made many people highly wealthy. According to Lookonchain, one of Sudeng’s holders sold his 2.53 billion HIPPO tokens for $7,500. With Sudeng’s price surging, these tokens would be worth over $30 million.