SUI has jumped 26% in the last 24 hours, fueled by a wave of memecoin hype on its network. On April 23, the token hit $2.80, marking a strong technical breakout that has caught the attention of traders and crypto enthusiasts.
The rise happened after SUI emerged from a descending channel that started forming in December 2024. This breakout is a reversal, and many analysts believe that the rally can go further if the network traffic remains high.
Most of this new vigor comes from memecoins originating from SUI. Some tokens, such as MUI, LOFI, and BLUB, have surged significantly in the last one week. LOFI has increased by 143% in a week, and the price of BLUB has risen by 57%. Such increases have brought more traffic and transactions on the SUI network.
Even though SUI is down 54% from its January high, it has a real growing ecosystem. There is an increased on-chain activity, which shows that there is more going on in the community than just the price.
Stablecoin figures are also booming. On the 21st of April, the overall stablecoins on the SUI platform hit a record high of $880 million. At this rate, it is not very far-fetched to expect it to reach the $1 billion mark in the near future.
As memecoins are on the rise and on-chain data is increasing, SUI is getting new opportunities. With the expansion of the network, it can be stated that SUI is not only a token but a promising crypto space at the moment.
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