SUI recorded a monthly gain of 115% as the ecosystem Memecoin rose after USDC integration.

Sui (SUI) price continued its upward trend on October 4, up 115% over the past 30 days.

SUI rose 170% from a low of $0.742 on September 2 to a six-month high of $2, according to data from Cointelegraph Markets Pro and TradingView. This is 8.8% below the all-time high of $2.18 reached on March 27. .

Compared to SUI, the overall cryptocurrency market capitalization increased 4.4% to $2.15 trillion last month, and Bitcoin (BTC) rose 7.3% during the same period to trade at $62,142. Therefore, SUI’s performance last month saw the second-highest 30-day gain among the top 100 cryptocurrencies by market capitalization.

SUI soars in ecosystem memecoin.

The SUI price rise comes as the Memecoin craze moves to the Sui layer-1 blockchain. Memecoin in the SUI ecosystem has made significant gains over the past 24 days and has outperformed the broader cryptocurrency market.

According to data from CoinGecko, the total market capitalization of memecoins on the SUI blockchain increased 15% in the past 24 hours, standing at $256.3 million on October 4.

AAA (AAA cat) has had the largest weekly gain, up 430% in the past 7 days and 16% in the past 24 hours. Suiba Inu (SUIB) has recorded a triple-digit increase of 108% in the last 7 days and 7% in the last 24 hours.

Sudeng (HIPPO), the largest Sui-based meme token by market capitalization, saw its price rise 35% on the day, reaching a market capitalization of $126.4 million. In particular, HIPPO accounts for almost half of Sui’s total memecoin market value.

The euphoria shown by SUI memecoins reflects broader investor sentiment in the sector, with similar traction interest in memecoins launched by Solana, Base, and The Open Network (TON). The sector remains one of the top cryptocurrency narratives for 2024.

relevant: Circle’s USDC stablecoin launches on Sui Network

Sui network activity surges

The rally in Sui ecosystem memecoins has reinforced the increasing relevance of the layer 1 ecosystem. This means that user interest in the Sui network is growing and the recent price rise appears to be fueled by increased development activity and genuine user engagement.

Its potential is evidenced by high transaction volumes, growth of DeFi applications (DApps), and increase in total value locked.

Data from DefiLlama shows SUI trading volume was $198.7 million on October 3, up 661% from $26.1 million on September 4. The blockchain’s all-time high trading volume is $219 million, set on March 26.

Total transactions on the network rose by more than 16.7 million in the past 24 hours to 2.02 billion, according to data from SuiScan.

Additional data from DefiLlama shows that the total value locked (TVL) on the network has increased dramatically over the past 30 days. According to the chart below, more than $1 billion was locked in the SUI network as of October 4, which is 63% higher than the $620 million TVL recorded on September 5.

Increasing TVL increases user interaction and increases trust in the network. In some cases, this increases demand for the native token and drives up its price.