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.

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.