SUI Soars 11% Amid Memecoin Craze and Surging Network Metrics
23.04.2025 08:57
On April 22, 2025, SUI experienced a strong technical breakout with an 11.86% surge to reach $2.43. This rally was driven by a growing memecoin craze on the network, with coins such as MUI, LOFI, and BLUB witnessing significant momentum. LOFI led the pack with a 143% increase over the past seven days, while BLUB rose by 57%. The renewed interest in memecoins has also spurred a boost in SUI’s network activity, as evidenced by rising decentralized exchange volumes and total value locked (TVL) measurements. Both monthly DEX volume and TVL have ascended notably since early in the year, reflecting robust on-chain activity and a strengthening ecosystem. Despite SUI having lost 54% of its value since its January peak, the recent breakout has reinvigorated trader enthusiasm, suggesting further positive momentum in the near term.
The news highlights SUI's strong technical breakout and a significant surge in price, driven by memecoin hype and increased on-chain activity. In the short term, this surge is likely to attract speculative trading, while long-term price appreciation could hinge on sustaining the network growth reflected by rising DEX volume and TVL. Historical technical breakouts on similar projects suggest a potential for upward price correction if the momentum is maintained, though volatility remains a factor.
LOFI experienced a remarkable 143% jump over the past seven days amid the memecoin frenzy on the SUI network. This surge, though fueled by speculative interest, suggests bullish sentiment in the short term. However, its high volatility could lead to rapid corrections if market enthusiasm fades, making the price dynamics highly reactive to ongoing market sentiment and meme trends.
MUI is riding the wave of the memecoin trend on the SUI network with growing investor interest. While there are no specific metrics provided, its association with the rising memecoin activity implies that it could benefit from speculative trading. The short-term outlook appears positive, though sustained gains will depend on broader market trends and continued social media buzz.
BLUB's 57% rise over the last week reflects the overall memecoin momentum on the SUI network. This positive sentiment is likely to drive further short-term gains, although inherent volatility in the memecoin space could lead to rapid price swings. Investors might see BLUB as an opportunistic play if the trend continues, keeping in mind the risks associated with meme-driven assets.
Sources
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