SUI Coin Hits All-Time High, Meme Coins Surge Collectively—How to Join the Rising Sui Ecosystem?
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SUI Coin Hits All-Time High, Meme Coins Surge Collectively—How to Join the Rising Sui Ecosystem?
SUI token surged over 400% within two months, hitting an all-time high, while multiple meme coins within its ecosystem such as HIPPO, BLUB, and FUD rose more than 10x.
Navigating Web3 tides with focused insightsAuthor: Xiyu, ChainCatcher
Editor: Nianqing, ChainCatcher
On October 13, the SUI token closed above $2.2, hitting an all-time high and entering the top 20 by market capitalization, with its upward momentum continuing. On October 14, SUI surpassed $2.3, gaining over 30% in just two days. According to the latest trader data, SUI has now outperformed TON and become the best-performing Layer 1 blockchain token from the beginning of 2024.
Meanwhile, multiple ecosystem meme projects such as HIPPO, BLUB, and FUD have also seen concentrated price surges, with gains exceeding 10x. Additionally, two major DeFi applications within the ecosystem—lending protocol NAVI Protocol and order book exchange DeepBook—are set to officially launch token trading on October 14.
The strong performance of SUI and its ecosystem projects has drawn significant attention from the crypto market, with substantial capital flowing into the Sui ecosystem in search of new opportunities. According to Cointelegraph, nearly 27% of funds that exited Solana in September moved to Sui.
DeFiLlama data shows that Sui’s on-chain transaction volume over the past seven days exceeded $1.32 billion, ranking sixth among all public blockchains, just behind Arbitrum.
How to capture new wealth opportunities amid Sui's ecosystem rise has become a hot topic in the crypto community.
SUI Token Up Over 400%, Ecosystem TVL Surpasses $1 Billion
Looking at the SUI token price chart, August 7 marked the start of its bullish run. On that day, Grayscale announced the launch of a Sui-native SUI token investment trust fund, triggering a remarkable rally. The price surged from a low of $0.5 to a high of $2.3 on October 13—an increase of over 400% in just two months—pushing SUI into the top 20 by market cap.
In only two months, SUI’s impressive price performance has not only attracted investor interest but also prompted the broader crypto industry to reevaluate this high-performance Layer 1 network. Some users now view Sui as the next Solana, leading to a flood of capital seeking opportunities. This influx has sparked a wave of ecosystem growth, including meme coin speculation and DeFi application adoption.
According to DeFiLlama, Sui’s mainnet total value locked (TVL) officially surpassed $1 billion on October 1, up approximately 50% for the month. Today, Sui ranks among the top 7 blockchains globally in terms of TVL.
Beyond price and TVL growth, other metrics such as user count and transaction volume are steadily rising. Transaction volume, in particular, has surged: according to SuiVision explorer, daily transactions jumped from millions to regularly exceed 100 million per day after entering October, peaking at 117 million on October 5—a new record high.
As token prices rise, more investors and developers are turning their attention to the platform. Developer data indicates there are currently 1,108 developers building on Sui, a 64% increase over the past year—the fastest growth rate among Layer 1 blockchains.
New Consensus Mysticeti Boosts Performance; Native Cross-Chain Bridge Brings In New Capital
Sui, a Layer 1 project created by former members of Facebook’s Libra cryptocurrency team, has been closely watched since its inception.
If Grayscale’s endorsement was the spark that ignited SUI’s price surge, then the growth in TVL and transaction volume stems primarily from the maturation of Sui’s own ecosystem infrastructure.
Grayscale’s approval of a Sui investment trust fund significantly boosted Sui’s visibility and credibility among institutional investors. This move not only attracted institutional interest but also provided retail investors with a new investment avenue. On October 9, the Grayscale Sui Trust opened to investors, allowing exposure to SUI tokens through fund shares. As of October 14, assets under management in the Grayscale Sui Trust have surpassed $3 million.
If Grayscale served as an external catalyst for Sui’s ecosystem growth, then internal advancements in network performance and infrastructure form the solid foundation behind its success.
In a recent blog post by founder Evan, Sui’s vision is articulated as becoming the collaboration layer for the internet—enabling developers to coordinate any action or behavior across systems. For example, planning a trip today requires visiting multiple websites for flights, hotels, routes, and food. With a coordination system like Sui, users could complete all these actions in one unified interface. Sui aims to be that operating system.
In July, Sui launched its new consensus engine, Mysticeti, designed to reduce transaction latency and boost throughput. The upgrade cuts latency down to 390 milliseconds—80% lower than before—resulting in faster transactions and higher TPS.
On the infrastructure front, Sui introduced zkLogin last year, a login solution allowing users to access Sui wallets using Web2 accounts like Google or Facebook, eliminating the need for complex seed phrases when using DApps.
Currently, multiple wallets in the Sui ecosystem—including Sui Wallet and Wave Wallet—have integrated zkLogin, enabling sign-ins via email or Google accounts.
For cross-chain asset interoperability, Sui developed its native cross-chain bridge, Sui Bridge, supporting direct transfers of native assets between Ethereum and Sui. Unlike most bridges that rely on wrapped tokens, Sui Bridge enables true native asset movement.
Sui Bridge officially launched on September 30, initially supporting ETH and WETH. Notably, it charges no cross-chain fees and subsidizes gas costs for transfers from Ethereum to Sui. However, transfer limits apply: $8 million per 24 hours from Ethereum to Sui, and $5 million in the reverse direction.
Beyond the official bridge, Sui has taken several strategic steps to drive ecosystem growth. On October 8, Circle announced the issuance of native USDC on Sui. The cross-chain transfer protocol (CCTP) has also gone live on Sui, enabling developers to build native asset bridges across chains.
Additionally, Sui supports early-stage projects through hackathons and grants.
In March, Sui launched its first hackathon, Sui Overflow. Over 2,000 participants submitted more than 350 projects, with 32 teams winning prizes. Notable winners include prediction platform Pandora Finance, DEX aggregator Hop Aggregator, and wallet Wave Wallet.
Early projects can also apply for funding via SuiGrants. To date, SuiGrants has supported 86 projects with a total of $4.72 million.
Which Projects in the Sui Ecosystem Are Worth Participating In?
As of now, Sui.directory—the official portal for the Sui ecosystem—lists 86 native projects spanning gaming, DeFi, and infrastructure.
Gaming
SuiPlay: A Web3 Version of Steam
SuiPlay is a hardware gaming console co-developed by Mysten Labs and game systems developer Playtron. Its first physical handheld console, SuiPlay0X1, launched in September. Integrated with native Sui chain games and compatible with libraries like Steam, it's being hailed as the "Web3 version of Steam."
SuiPlay0X1 began pre-orders during the KBW conference in September at $599 per unit, payable in SUI, SOL, or ETH. Within a week of launch, orders surpassed 2,000 units. The first 1,000 pre-order customers receive a special soulbound NFT granting exclusive access, rewards, and benefits. Many crypto users see SuiPlay0X1 as the next Saga phone, potentially unlocking future airdrop opportunities.
Officially, SuiPlay0X1 integrates Sui-based shooter game Xociety and dark-themed game DarkTimes. Xociety raised $7.5 million in Series A funding in June led by Hashed and the Sui Foundation, while DarkTimes received investment from Animoca Brands earlier in April.
Note: As of October 13, SuiPlay0X1 devices have not yet shipped. Official release is expected in 2025.
DeFi Applications
1. Order Book Exchange DeepBook
DeepBook is a decentralized central limit order book exchange built on Sui. Its native token DEEP will launch on October 14, with a maximum supply of 10 billion.
2. Cetus: Highest Trading Volume DEX on Sui
Cetus is a DEX platform focused on Move-based ecosystems like Aptos and Sui, founded in 2022. It was the first DEX on Sui and remains the highest-volume exchange on the chain, with over $160 million in 24-hour trading volume. According to DeFiLlama, Cetus holds $228 million in TVL on Sui, ranking second in the ecosystem.
Data from Rootdata shows Cetus has made strategic investments in Sui-based lending platforms Scallop and NAVI Protocol.
3. Aftermath: Multi-functional Platform for Trading and Liquid Staking
Aftermath is a decentralized trading platform on Sui that also offers liquid staking for SUI tokens. Users can trade and stake SUI to earn PoS rewards from the Sui network.
As of October 13, Aftermath’s TVL reached $116 million.
4. AMM DEX Platform Turbos
Turbos is an AMM-based DEX that received backing from Jump Crypto and the Sui Foundation in March last year.
During the recent meme coin boom on Sui, Turbos positioned itself as a meme hub, often compared to Raydium on Solana. It supports meme coin launches and trading, with top-traded tokens like BLUE and FUD leading volume on the platform.
With the meme surge, Turbos’ TVL has skyrocketed to $26 million, up over 143% in the past month—the fastest-growing DEX on Sui.
5. NAVI Protocol: Top Lending Platform by TVL on Sui
NAVI Protocol is a lending platform on Sui. Its native token NAVI launched on Bybit Launchpool on October 7 and will begin trading on October 14.
As of October 13, NAVI Protocol’s TVL neared $400 million, making it the highest-TVL application on Sui.
Earlier in January, NAVI received strategic investment from Cetus and secured $2 million in funding led by OKX Ventures and Hashed. It also acquired Volo, Sui’s liquid staking protocol, meaning NAVI now supports both lending and native SUI token staking.
6. Scallop: One-Stop Lending Platform
Scallop is another all-in-one lending protocol on Sui, offering collateralized borrowing, trading, liquid staking, and cross-chain functionality.
On October 10, Scallop announced funding from the Sui Foundation. Prior to that, it raised $3 million in March led by CMS Holdings and 6MV, followed by a strategic investment from DWF Labs in April.
As of October 13, Scallop’s TVL stands at $160 million, placing it among the top five applications in the Sui ecosystem.
7. Suilend: Built by Solend Team from Solana
Suilend is a lending platform on Sui developed by the team behind Solana’s Solend. With $187 million in TVL, it ranks among the top three apps on Sui. No token has been issued yet.
8. Perpetuals Platform Kriya
Kriya is building a suite of DeFi products on Sui, including a cross-chain bridge, AMM trading protocol, and on-chain order book perpetual contracts. The platform sees around $7 million in daily trading volume.
9. Derivatives Exchange Bluefin
Bluefin, formerly Firefly and dTrade, is a decentralized perpetual contracts protocol from the DeFi Summer era. It raised nearly $30 million cumulatively by 2021 and announced its launch on Sui in October last year.
Meme Sector
1. Sui Hippo: Su deng (HIPPO)
Su deng (HIPPO) is a hippo-themed meme project on Sui, part of the “Big Three Hippos” alongside MOO DENG on Ethereum and Moo deng on Solana—all inspired by hippos at a Thai zoo. At one point, HIPPO’s market cap surpassed both of its counterparts.
As of October 14, HIPPO has a market cap of $116 million, making it the largest meme coin on Sui. For comparison, Solana’s Moo deng sits at $130 million, while Ethereum’s MOO DENG trails at $35.2 million.
2. BLUB
BLUB draws design inspiration from Sui’s aquatic theme, portrayed as a “fallen fish” stirring up activity in the Sui ecosystem. Launched on June 30, it once held the title of highest-market-cap meme coin on Sui.
On October 14, BLUB had a market cap of $51 million, ranking second among Sui meme coins.
3. Fud The Pug (FUD): Sui’s Pug Meme Project
Fud The Pug (FUD) is a pug-themed meme project within the Sui ecosystem. It was distributed via airdrop to Sui users in late December last year. With an early launch, it reached a market cap of $50 million by October 14.
4. Meme Launch Platform Pump.fun
MovePump is a meme token launch platform launched by NFT marketplace BlueMove on Sui and Aptos. Functionally similar to Pump.fun, it costs only 0.5 SUI to deploy a new meme token. Recently, over 50 meme projects have been created on the platform, with numbers still growing.
5. Hopdot.fun by DEX Aggregator Hop
Hopdot.fun is a meme coin launch platform introduced by Hop, a DEX aggregator on Sui. Originally scheduled to launch on October 12, it has been postponed to October 20.
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