Sui rises 11% in a day, as memecoin craze gains momentum

Sui has experienced rising momentum, leading to a strong technical outlook, largely thanks to the memecoin craze on the network.

$SUI ($SUI) is gaining significant momentum, both in terms of its price and network activity. On April 22, $SUI surged by 11.86% to reach $2.43. The price rally followed a key technical breakout and was driven in large part by growing memecoin activity on the network.

The recent price action has broken through the upper boundary of a descending channel that started forming in December of 2024. This has led some traders to speculate that further positive momentum in the coming days is likely.

$SUI memecoins like MUI, LOFI, and BLUB have seen significant momentum in the past week. For instance, LOFI was up 143% in the last seven days, while BLUB was up 57% in the same period. The memecoin surge has also contributed to a significant uptick in $SUI’s key metrics.

$SUI network sees strong growth in key metrics

Both decentralized exchange volume and the $SUI network’s total value locked have been on the rise, in terms of $SUI tokens. Monthly DEX volume reached 3.2 billion $SUI in March, after breaking 3 billion $SUI in February. At the same time, TVL has been on the rise since December, reaching a multi-month high of 2.5 billion $SUI.

$SUI DEX volume and TVL, in terms of $SUI tokens | Source: DeFiLlama

Growth in terms of $SUI indicates rising network activity, despite $SUI’s falling price, which has lost 54% of its value since its January peak. This suggests that the ecosystem is growing in real terms, with more on-chain activity.

This is also showing up in $SUI stablecoin figures. The total supply of stablecoins on the $SUI network reached its all-time high of $880 million on April 21 and seems poised to break the $1 billion mark soon.