Sudeng, a recently launched meme coin on the Sui Blockchain, surged by over 30% as cryptocurrencies experienced a recovery.

Sudeng (HIPPO) rose to a record high of $0.0143 on Oct. 3, marking a 180% increase from its lowest level this week. This rally coincided with a heightened demand for Sui meme coins, pushing their total market cap to $234 million.

Performance of Sui Meme Coins

Blub, the second-largest meme coin in the Sui ecosystem after Sudeng, saw a 10% increase over the past seven days. Other meme coins like Fud the Pug (FUD) and aaa Cat experienced significant gains of over 107% and 665%, respectively, during the same period.

Sui Blockchain Activity

Sudeng’s rally occurred amidst robust activity on the Sui Blockchain. Over the last 30 days, its token has been the best-performing large coin, rising by over 127%.

More data reveals that the total value locked in the Sui ecosystem has surged by over 66% in the past 30 days, reaching over $1.01 billion. This growth positions Sui as the seventh-largest blockchain in the industry, with major players including NAVI Protocol, Cetus, Suilend, and Scallop Lend.

DEX Industry Impact

Sui has also made significant strides in the decentralized exchange (DEX) industry, aided by the strong performance of meme coins within its ecosystem. The DEX volume on Sui rose by 32% in the last seven days, exceeding $826 million, making it the sixth-largest in the industry.

According to Suiscan, total transactions on its network increased by over 12.5 million in the last 24 hours, reaching a total of 2.02 billion.

Meme Coins in the Crypto Industry

Meme coins have become a significant part of the cryptocurrency landscape. Data from CoinGecko estimates their combined market cap to be over $50 billion.

Their surge has made many people highly wealthy.

According to Lookonchain, one of Sudeng’s holders sold 2.53 billion HIPPO tokens for $7,500. With Sudeng’s price surge, these tokens would now be worth over $30 million.

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