Sudeng, a newly introduced meme coin on the Sui Blockchain, surged more than 30% as the cryptocurrency market rebounded.
Sudeng (HIPPO) hit a peak of $0.0143 on Oct. 3, marking a 180% upswing from its lowest price this week.
This uptrend coincided with a spike in interest for Sui (SUI) meme coins, leading to a total market cap increase to $234 million.
Blub, the second largest meme coin within the network after Sudeng, gained 10% over the past week. In the same timeframe, Fud the Pug (FUD) and aaa Cat experienced jumps of over 107% and 665%, respectively.
Sudeng’s surge occurred amid strong activity on the Sui Blockchain itself. Over the last 30 days, it has been the top-performing major coin, increasing by more than 127%.
Sui Blockchain is thriving
Additional insights reveal that the total value locked within its ecosystem has increased by over 66% over the past month, surpassing $1.01 billion. This achievement positions Sui as the seventh-largest blockchain in the sector, following major players like NAVI Protocol, Cetus, Suilend, and Scallop Lend.
Sui has also established a significant presence in the DEX arena, bolstered by the thriving meme coins in its ecosystem. Its DEX trading volume rose by 32% in the last week, reaching over $826 million, ranking it as the sixth-largest in the industry.
According to Suiscan, total transactions on the network surged by over 12.5 million in the last 24 hours, totaling 2.02 billion.
Meme coins have emerged as a significant part of the cryptocurrency market, with estimates from CoinGecko indicating their combined market capitalization exceeds $50 billion.
This boom has created substantial wealth for many investors. As reported by Lookonchain, one of Sudeng’s investors sold his 2.53 billion HIPPO tokens for $7,500. With the recent price escalation of Sudeng, those tokens would now be valued at over $30 million.
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