Sui trading volume increased 85%, setting the stage for a $2 breakout
The launch of the #USDC and increased #meme activity led to an 85% increase in daily #Sui trading volume to 9 million transactions.
Open interest in the token is nearing its highest level since the beginning of the year, indicating increased liquidity and the potential for further price growth.
SUI could rise 20% to $2.30 if the bullish momentum continues, but profit-taking selling could take it back to $BTC Sui (SUI), a Tier 1 #blockchain , has seen significant growth recently, especially in terms of daily transaction volumes. Thanks to this surge in activity, the price of SUI has risen 10% in the past 24 hours.
As activity on the network increases, could SUI prices rise significantly? This analysis looks at the main factors contributing to the boom in Sui trading and how this development could contribute to a breakout in the coming days.
On October 2, the number of daily trades on Sui reached 4.8 million. A day later, the number of transactions reached nearly 9 million, representing a staggering 85% growth in 24 hours.
The dramatic increase in transactions indicates a significant increase in the number of blockchain users and demand for SUI tokens; according to BeInCrypto's research, this growth can be attributed to the launch of a stable coin Circle (USDC) on Sui a few weeks ago.
In addition, the rise of memes on the network has also played a role in the market. For example, the price of Sudeng (HIPPO), the largest meme coin on the network by market capitalization, has risen 165% over the past seven days, while the price of another coin, aaa cat (AAA), has jumped 370%.
Against the backdrop of these developments, Sui's open interest (OI) volume has also increased.
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