SUI Jumps 26% To $2.80, Memecoins Like LOFI, BLUB Trigger Network Frenzy

Jakarta, Pintu News – Memecoins like LOFI and BLUB have sparked a frenzy on the network resulting in a surge in the price of the SUI cryptocurrency. In this article, we will dig deeper into how this phenomenon happened and what might happen next.

DEX Sui Volume Surge

In the past 24 hours, trading volume on Sui’s decentralized exchange (DEX) has surged by 30% to $549 million, according to data from DeFiLlama. On Monday, the DEX volume reached $327 million and increased to $549 million at the peak of Tuesday’s rally. On Wednesday, this volume even reached $772 million, confirming the high speculation in the network.

Overall, the Sui network has seen $2.5 billion worth of token trades in the last seven days. Data from Artemis shows that SUI’s price increase from $2.1 since mid-April correlates with a significant increase in daily active addresses and DEX trading volume. Although active addresses peaked at 1.7 million on April 20, the subsequent increase in DEX volume pushed the SUI price even higher to $2.7 on April 22.

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Technical Analysis and Obstacles Faced

On the daily price chart, SUI has increased by 26% in the last 24 hours and looks set to reach the $3.5 level. However, there are some obstacles to overcome, including the moving averages at $3 and $3.1. In addition, the daily Relative Strength Index (RSI) is approaching the overbought zone, which suggests that this rally may cool down a bit before resuming gains or experiencing declines. V

olume that increased on Wednesday to $777 million, coinciding with the rally that continued to $2.9. Therefore, high DEX volumes, especially from memecoins, have contributed greatly to this rally.

SUI’s Future Prospects

Considering the current trend and available data, it is likely that SUI will continue to experience high volatility. Increased speculative interest and high trading activity on DEX suggests that there is still a lot of interest in buying and selling SUI. However, it is important to note that crypto markets are highly unpredictable and external factors can dramatically affect prices.

Market watchers should continue to monitor trading volume and address activity to gain insight into SUI’s possible future price movements. If trading volumes remain high, this could be an indicator that SUI might reach higher price levels.

Conclusion

In conclusion, SUI’s significant price spike was driven by the memecoin craze and high trading activity on DEX. Although there are some technical obstacles that need to be overcome, the short-term outlook for SUI appears to be positive. However, investors and market watchers should remain wary of potential volatility and sudden changes in market conditions.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• AMB Crypto. SUI skyrockets 26% to $2.80 as memecoins like LOFI, BLUB ignite network frenzy. Accessed on April 24, 2025
• Featured Image: Crypto Rank