The price of SUI increased by 26% as memecoins in the ecosystem exploded.

The Sui ecosystem (SUI) has recorded impressive growth as the trading volume surged by 180%, reaching 3.8 billion USD amidst the memecoin frenzy.

Many memecoins in the ecosystem have seen significant increases, ranging from two to three digits within the last 24 hours of trading.

For example, Tardi (TARDI) and Agent S (AGENT S) increased by 124% and 100% respectively. Other coins such as BLUB and LOFI also recorded increases of 42% and 12%.

Source: CoinMarketCapThe total market capitalization of the ecosystem has surged by 28%, reaching 12 billion USD, reflecting strong speculative interest from traders.

The trading volume of DEX exchanges of Sui is also booming

This speculative interest is reinforced by the growth of the network. In the past 24 hours, the DEX trading volume of Sui has increased by 30%, reaching 549 million USD, according to a report from DeFiLlama.

In fact, this trend started on April 20.

Source: DeFiLlamaOn Monday, DEX volume increased to 327 million USD and peaked at 549 million USD on Tuesday.

As of now (Wednesday), the volume has surged to 772 million USD, reaffirming the speculative excitement. In total, the Sui chain has seen 2.5 billion USD traded in the past seven days.

This means that the number of users ( active addresses ) and the demand for SUI as the native token of the chain have increased. Bitcoin Magazine analyzed how these factors may have driven the price surge of SUI in the past two days.

Source: ArtemisData from Artemis shows that the price increase of SUI from 2.1 USD since mid-April is related to a significant increase in the number of daily active addresses (yellow) and DEX trading volume (blue).

Although the number of active addresses peaked at 1.7 million on April 20, the subsequent increase in DEX volume pushed the price of SUI higher, reaching 2.7 USD on April 22.

Interestingly, the volume surged to 777 million USD on Wednesday, coinciding with the price increase to 2.9 USD. Therefore, the DEX volume (memecoin fever) contributed to the price increase. So, what will happen next with this altcoin?

Source: TradingViewOn the daily price chart, SUI has increased by 26% in the last 24 hours and is aiming for the 3.5 USD level. However, it must overcome the barriers above (the moving averages) at 3 USD and 3.1 USD.

Additionally, the daily RSI is nearing the overbought territory, indicating that the rally may cool off slightly before entering the next uptrend or undergoing a correction.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making any decisions. We are not responsible for your investment decisions.

Mr. Giáo