Sudeng soars to record high as Sui meme coins gain traction

Sudeng, a recently launched meme coin on the Sui Blockchain, is up over 30% as cryptocurrencies rally.

Sudeng (HIPPO) rose 180% from this week’s low to a record high of $0.0143 on October 3.

This rally occurred as demand for Sui (SUI) meme coins increased, increasing the total market cap to $234 million.

Blub, the second largest meme coin in the ecosystem after Sudeng, has increased by 10% in the last seven days. Fud the Pug (FUD) and aaa Cat are up 107% and over 665% in the same period.

Sudeng’s rally comes as Sui Blockchain continues to see strong activity. The token has surged over 127%, making it the best-performing major cryptocurrency in the last 30 days.

Sui Blockchain is doing well

Further data shows that the total value locked in its ecosystem increased by over 66% in 30 days to over $1.01 billion. This growth makes it the seventh largest blockchain in the industry; the biggest players are NAVI Protocol, Cetus, Suilend and Scallop Lend.

Sui has also become a big name in the DEX industry, helped by the strong performance of meme coins in its ecosystem. DEX volume has increased by 32% in the last seven days to over $826 million, making it the sixth largest name in the industry.

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

Meme coins have become a huge part of the crypto industry, and their total market cap is estimated to be over $50 billion, according to data from CoinGecko.

This increase made many people extremely wealthy. According to Lookonchain, one of Sudeng’s owners sold 2.53 billion HIPPO tokens for $7,500. With the increase in the price of Sudeng, the value of these tokens will be over $30 million.