The SUI ecosystem has been experiencing a surge in trading volume, increasing by 180% amid the memecoin frenzy that has been gripping the market. The network activity has been steadily increasing since April 20th, pushing SUI’s value closer to $3. Several memecoins within the ecosystem have seen significant gains, with coins like Tardi and Agent S experiencing spikes of 124% and 100% respectively. Overall, the ecosystem’s market cap has jumped by 28% to $12 billion, showcasing the speculative interest amongst on-chain traders.
In addition to the surge in trading volume, Sui’s DEX trading volume has also exploded, growing by 30% to $549 million in the past 24 hours, according to DeFiLlama. This trend has been gaining momentum since April 20th when DEX volumes surged to $327 million and then peaked at $549 million during Tuesday’s rally. As of writing, the volumes have spiked to $772 million, with $2.5 billion worth of tokens being traded in the past seven days, leading to an increased demand for SUI as the native token for the chain.
The price rally of SUI has been closely correlated with the network’s traction, as seen through Artemis data. The increase in daily active addresses and DEX trading volumes has fueled the price surge, with SUI reaching $2.9 as of April 22nd. The volumes continued to climb to $777 million on Wednesday, contributing to an extended rally for the altcoin. However, the daily price chart indicates that SUI may face some resistance at the $3 and $3.1 levels, with the daily RSI suggesting a potential cool-off before the next leg of the uptrend or retracement.
With the current bullish momentum in the market, SUI has been eyeing the $3.5 level, but may need to overcome the overhead obstacles at $3 and $3.1 first. The increasing trading volumes and network activity point towards a positive outlook for SUI, but investors should remain cautious of potential retracements in the short term. Overall, the speculative interest in memecoins within the ecosystem has contributed to the recent surge in SUI’s value, indicating a strong interest amongst on-chain traders.
