Sudeng soars to record high as Sui meme coins gain traction

Sudeng, a newly launched meme coin on the Sui Blockchain, surged by over 30% as the broader cryptocurrency market recovered. On October 3, Sudeng (hippo) climbed to a record high of $0.0143, marking a 180% increase from its lowest point earlier in the week.

This rally coincided with a rising demand for Sui meme coins, resulting in a total market cap increase to $234 million. Blub, the second-largest meme coin in the ecosystem after Sudeng, gained 10% over the past week, while Fud the Pug and aaa Cat saw significant increases of over 107% and 665%, respectively.

Sudeng’s impressive performance aligns with ongoing robust activity on the Sui Blockchain, where its token has been the top performer among larger coins over the past 30 days, rising more than 127%.

Recent data shows that the total value locked in the Sui ecosystem has increased by over 66% in the past month, surpassing $1.01 billion. This growth positions Sui as the seventh-largest blockchain in the industry, alongside major players like NAVI Protocol, Cetus, Suilend, and Scallop Lend.

Sui has also made a name for itself in the decentralized exchange (DEX) sector, with DEX volume rising by 32% over the past week to exceed $826 million, making it the sixth-largest in this space. According to Suiscan, total transactions on the network increased by over 12.5 million in the last 24 hours, bringing the total to 2.02 billion.

Meme coins have become a significant segment of the cryptocurrency market, with CoinGecko estimating their combined market cap at over $50 billion. Their recent surge has created considerable wealth for some investors. For instance, one Sudeng holder sold 2.53 billion HIPPO tokens for $7,500; with the recent price surge, those tokens would now be valued at over $30 million.