Sui Surges 22.536% as Memecoin Craze Drives Network Activity

Sui's latest price was $2.67, up 22.536% in the last 24 hours. This surge in momentum has been driven largely by the memecoin craze on its network. The trend has led to a strong technical outlook for the blockchain project, which is increasingly being seen as a major rival to Solana. The network has seen significant activity from memecoins like MUI, LOFI, and BLUB, which have all experienced substantial gains in recent weeks. This surge in memecoin activity has contributed to a notable increase in key metrics for the Sui network, including decentralized exchange volume and total value locked (TVL).

In March, the monthly DEX volume on the Sui network reached 3.2 billion SUI, following a break of 3 billion SUI in February. Concurrently, the TVL has been on an upward trajectory since December, hitting a multi-month high of 2.5 billion SUI. This growth in network activity indicates a rising level of on-chain engagement, despite the overall market conditions. Additionally, the total supply of stablecoins on the Sui network reached an all-time high of $880 million on April 21, suggesting that the ecosystem is expanding in real terms.

South Korean crypto exchange Upbit has announced the listing of DeepBook (DEEP), a decentralized central limit order book (CLOB) project built on the Sui network. This listing has triggered significant interest and activity within the Sui ecosystem. DeepBook is designed to facilitate buying and selling between traders by recording bids and offers, and it includes mechanisms to enable decentralized finance (DeFi) on Sui. Protocols such as Cetus, Aftermath, Kriya, FlowX, and Hop Aggregator utilize DeepBook as a liquidity source, creating vibrant markets for DeFi users. The project's features and performance have been noted for their compelling nature, with Aftermath highlighting its transaction speed and reduced processing time, which enables a fully on-chain trading environment rivaling centralized exchanges in terms of liquidity and user experience.

Following the announcement from Upbit, DEEP experienced a significant price surge, reflecting the growing interest and activity within the Sui ecosystem. The listing on Upbit, one of the largest crypto exchanges in South Korea, provides DeepBook with access to a highly engaged user base, further boosting its potential for growth. The listing terms include temporary buy limits and price restrictions to prevent excessive slippage, ensuring a stable trading environment. The technical analysis of DEEP indicates strong momentum, with the Relative Strength Index (RSI) at 75.11, suggesting potential for a pullback or consolidation in the short term. However, the Bollinger Bands have widened significantly, signaling increased volatility and the potential for a new uptrend if momentum is sustained.

Former Goldman Sachs executive Raoul Pal has expressed optimism about the potential for a massive breakout in Sui, citing the Tom DeMark (TD) Sequential Indicator as flashing bullish for the layer-1 platform. Pal suggests that Sui is on the verge of breaking out of a downward channel, a bearish pattern indicating that the asset is forming lower highs and lower lows. Other analysts, including pseudonymous trader Cheds and crypto trader Michaël van de Poppe, have also suggested that Sui may be gearing up for an explosive move. Van de Poppe highlights the growing adoption of Sui as a DeFi network, including for Bitcoin (BTC) staking and lending, and notes that Sui is bouncing off a key support level on the three-day chart. He suggests that Sui could perform well in the upcoming cycle, given its strong fundamentals and growing ecosystem.