Is This the Reason Why Sui is Surging?

Sui is on fire. Since the start of Suitember $SUI went from 78 cents to $3.77. It’s current ATH is $3.92. Not to mention a daily trading volume of $2.25 billion. The TVL on the Sui chain is $1.53 billion. So, as you can see, Sui is breaking records left and right. It’s not only Sui, but also the whole ecosystem that’s on fire.

So, we take a closer look at what is driving this Sui surge.

What Is Behind this Sui Surge?

The current Sui surge has various beneficial factors that drive it. Since September, we see weekly $SUI price increases. However, in November it really took off. $SUI went from $1.93 to $3.92. So, what’s driving this price surge? Let’s take a look.

Ecosystem development — There’s an inflow of new users. New and visiting projects attract these new users. For example, during the recent Sui Connect Bangkok, we met a new AI project, Oscar Network. On the other hand, more established projects, keep growing in the DeFi and blockchain gaming sectors.

Community-driven hype — Users of the ecosystem are eating good. Ecosystems projects reward early users with generous airdrops. This attracted plenty of new users and at the same time, it increased the trading volume.

Memecoins and hype projects. — The water chain memecoins (Sui means ‘water’ in Japanese) attract new users. Their investments in these memecoins add to the trading volume. Both the memecoins and the Sui Network profit from this.

State of @SuiNetwork Q2 & Q3:

– DeFi TVL exceeded $1B for the first time
– Market cap 139% QoQ to $4.8B
– Mysticeti consensus mechanism reduced consensus latency by 80% to 390 ms
– Integration of Circle’s USDC and CCTP

Read the full report https://t.co/lHKKLbmsk9 https://t.co/ikmUNbasa7

— Messari (@MessariCrypto) November 15, 2024

So, the nest step is to take a closer look at some DeFi projects and memecoins on Sui.

The Sui DeFi Ecosystem

Sui has a thriving DeFi ecosystem. We published a video about this only a few weeks ago, here’s the link. As already mentioned, this DeFi ecosystem has a TVL of $1.52 billion. So, let’s take a closer look at the Sui DeFi ecosystem.

Cetus Protocol ($CETUS)

Cetus Protocol is the leading DEX on Sui. It ranks third in TVL on the water chain. Early November, the $CETUS token got listed on Binance, and that caused a great rally. $CETUS went from 18 cents to 48 cents in only four days. It also offers cross-chain options and is fast with low transaction fees.

• Current price: 34 cents.
• TVL: $263 million
• Trading Volume: $229 million
• Market Cap: $207 million
• FDV: $343 million

Source: X

Navi Protocol ($NAVX)

This is the leading DeFi protocol. It offers crypto lending and borrowing services. It functions like a ‘crypto bank’. You can also collateralize tokens and borrow assets on Navi Protocol. Alternatively, you can also lend out your tokens and receive interest on them.

• Current price: 15 cents.
• TVL: $388 million
• Trading Volume: $21.6 million
• Market Cap: $48 million
• FDV: $152 million

SuiSwap ($SSWP)

SuiSwap is also a DEX. It aims to offer swaps and yield farming as easy and accessible as it can be. It has a great UI and offers low transaction fees. 

• Current price: $0.0006325
• Trading Volume: $0.5 million
• Market Cap: $6.3 million
• FDV: $6.3 million

Turbos Finance ($TURBOS)

Turbos Finance is a yield aggregator with the highest returns. You can get the best yield here with minimal effort.

• Current price: half a cent.
• TVL: $28.89 million
• Trading Volume: $3.5 million
• Market Cap: $10 million
• FDV: $20 million

Scallop Protocol and Suilend are also worth mentioning. They both offer borrowing and lending services. Suilend’s $SEND token may be next in line for an airdrop.

Sui Memecoins

Memecoins give some serious impulses to other chains, like Solana or Ethereum. However, Sui has its own share of memecoins. In general, they still have low market caps. So, if $SUI keeps surging, the memecoins should follow suit or some may even outpace $SUI. Here are some top memecoins on Sui.

Blub ($BLUB)

• This is considered the blue chip memecoin.
• Trading Volume: $3.11 million
• Price increase: 7 days — 59.5% and 14 days 188.4%.
• Market Cap: $62.7 million.
• FDV: $80 million.
  

  $BLUB is the mastermind – always two steps ahead, and already claiming victory .

  Get ready, the empire’s about to explode! pic.twitter.com/GVLzRKTVOm

  — BLUB (@blubsui) November 17, 2024

FUD the Pug ($FUD)

• This is the OG memecoin on Sui.
• Trading Volume: About $3.26 million.
• Price increase: 14 days — 56.8%
• Market Cap: $35.7 million.
• FDV: $46.9 million.

AAA Cat ($AAA)

• Trading Volume: 582K
• Price increase: 14 days — 200.4%.
• Market Cap: $29 million.
• FDV: $29 million.

Sudeng HIPPO ($HIPPO)

• Trading Volume: 109 million.
• Price increase:  7 days — 113% and 14 days 329.3%.
• Market Cap: $246 million.
• FDV: $246 million.

Uni ($UNI)

• Trading Volume: 481K
• Price increase: Last week 453.7%.
• Market Cap: $23.8 million
• FDV: $23.8 million

Liquor ($LIQ)

• Trading Volume: $68K
• Price increase: 14 days — 242.8%.
• Market Cap: $13.6 million.
• FDV: $113.6 million.
  

  Buyback is still ongoing.

  Until 11/31.

  Burning half of $LIQ on 11/31 too.

  https://t.co/zAW7Aid1ai

  — Liquor (@Beliquoronsui) November 14, 2024

Conclusion

The Sui ecosystem and the $SUI token are on fire. So, we look at some of the reasons behind this increased interest in Sui and its price surge.

The current $SUI price is $3.67 with a $10.4 billion market cap. There’s a max and total supply of 10 billion tokens. 36 billion tokens currently circulate.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.

We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by Sui.

Copyright Altcoin Buzz Pte Ltd.

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