Sui Soars 11% in 24 Hours as Memecoin Mania Fuels Rally

The Layer 1 blockchain surges amid speculative frenzy—another day, another altcoin pumped by traders chasing the next DOGE. Will fundamentals ever matter again?

SUI network sees strong growth in key metrics

Both decentralized exchange volume and the SUI network’s total value locked have been on the rise, in terms of SUI tokens. Monthly DEX volume reached 3.2 billion SUI in March, after breaking 3 billion SUI in February. At the same time, TVL has been on the rise since December, reaching a multi-month high of 2.5 billion SUI.

Growth in terms of SUI indicates rising network activity, despite SUI’s falling price, which has lost 54% of its value since its January peak. This suggests that the ecosystem is growing in real terms, with more on-chain activity.

This is also showing up in SUI stablecoin figures. The total supply of stablecoins on the SUI network reached its all-time high of $880 million on April 21 and seems poised to break the $1 billion mark soon.