SUI Soars 115% Thanks To USDC Integration And Soaring Meme Coins

SUI jumped 115% thanks to USDC integration and a spike in meme coins (Photo; Doc. Coinmarketcap)

JAKARTA - On October 4, 2024, the SUI coin recorded an impressive price spike of 115% in the last 30 days, reaching 1.69 US Dollars (Rp26,500). This almost touched an all-time high record of 2.18 US Dollars (Rp34,200). This significant increase was driven by the explosion of meme coins in the SUI ecosystem and the integration of USDC stablecoins that strengthen SUI's network activity. As the crypto world prepares for the moon dubbed the "Uptober," many are wondering if this spike will continue.

According to Crypto News Flash information, the SUI ecosystem has seen a tremendous surge in meme coin prices, which is the main driver of the SUI token price hike. Several meme coins such as Aaa Cat (AAA) jumped 430% in the past week, while Suiba Inu (SUIB) rose 108% in the same period. Even the largest meme coin on the network, Subeng (HIPPO), experienced a 35% increase, with market capitalization reaching 126.4 million US Dollars (Rp1.98 trillion).

Not only did the price skyrocket, but activity on the SUI network also experienced an extraordinary spike. According to data from Defilama, the transaction volume of SUI jumped 661%, from 26.1 million US Dollars (Rp409 billion) on September 4 to 198.7 million US Dollars (Rp 3.1 trillion) on October 3. This is close to an all-time high of 219 million US Dollars (Rp 3.42 trillion) recorded last March.

In addition, the number of transactions on the SUI network has reached 2.02 billion, with an additional 16.7 million transactions in the last 24 hours. This figure shows the increasing interest of users and activities in the SUI ecosystem, which is one of the main factors driving price growth.

Total Value Locked (TVL) growth is also an important indicator that reflects user confidence in the SUI ecosystem. TVL on this network rose 63%, from US$620 million (Rp9.69 trillion) in early September to US$1 billion (Rp15.63 trillion) on October 4. When TVL is high, it shows the large number of users who interact with the platform and trust its security and stability. This tends to increase demand for SUI native tokens, which have the potential to increase prices further.

Despite the significant increase in SUI, market analysts remain divided about the future of this token. Some analysts predict short-term corrections, where the price of SUI could fall back to around 1.4 US Dollars (Rp21,875). However, a drastic drop of up to 1 US Dollar (Rp15,625) is considered unlikely in the near future.

On the other hand, with strong fundamentals and growing interest, many analysts are optimistic that SUI will continue to grow. Currently, SUI is testing its major resistance level, and if it manages to penetrate this level, further price spikes could occur in October, known in the crypto community as an "Uptober."