The Sui Network: What’s Making It So Popular?
In the world of blockchain technology, many projects come and go. But only a few grab the attention of both investors and developers. One such project right now is the Sui Network. People are talking a lot about Sui, and its ecosystem is growing fast. There are many exciting things happening with Sui, and one of the latest is its partnership with something called SCION. This new technology helps make the Internet safer and faster.
Let’s take a closer look at the Sui Network, how it works, and why so many people are interested in it. We will also talk about its growing popularity, especially with meme coins, and the recent surge in its token’s price.
What is the Sui Network?
The Sui Network is a Layer-1 blockchain project. What does that mean? It means that Sui is its own blockchain, like a foundation for other projects to build on. It was made by a company called Mysten Labs. This company also worked on Facebook’s Diem blockchain before it was canceled. So, the team behind Sui knows a lot about building strong and reliable blockchains.
The main goal of Sui is to be fast and efficient. They want everyone to use it easily. One special thing about Sui is its Move programming language. Move is a type of computer code that helps Sui handle fast transactions. It also makes sure that everything is safe and can grow bigger without slowing down.
In simple words, Sui is like a new road for cars (transactions) to drive on, and Move is the tool that makes this road smooth and strong. Because of this, more and more developers are using Sui to build their apps and services.
How SCION Makes Sui Even Better
Sui is doing something new by adding a technology called SCION to its system. SCION is a new way of managing how data moves on the Internet. It makes data go to the right place faster and helps keep it safe from hackers.
Here’s an example: Imagine a package delivery service. SCION is like a very smart map that helps trucks avoid traffic and delivers packages safely without getting stolen or lost. In the case of Sui, it means less network downtime and better performance, even if part of the Internet goes down. Sui is the first blockchain to use SCION in this way, which makes it unique.
Meme Coins on the Sui Network
Meme coins are fun and silly cryptocurrencies that often start as jokes. But they can become very popular and valuable. Right now, meme coins are booming on the Sui Network. Many of these coins have become very successful in a short time.
For example, the total value of all meme coins on the Sui network went up by 15% in just 24 days! As of October 4, the value reached $256.3 million. This is a big deal for a new blockchain like Sui.
Popular Meme Coins on Sui
One of the most popular meme coins on the Sui Network is called Sudeng (HIPPO). People love this coin, and it now has a value of $154.3 million. The creators of Sudeng do something special: they give a part of their money to help animals around the world. That’s why many people support it.
The price of Sudeng has gone up 180% from its lowest point recently. Some experts even suggested buying it when it was priced at $0.014. And they were right! After the advice, the price shot up to $0.019 on October 7. That’s almost a 30% increase in a few days. Its trading volume also grew by $4.6 million in just a few hours.
Another popular meme coin on the Sui network is Blub. It is the second biggest meme coin on Sui after Sudeng. Blub’s value went up by 10% in just one week. Two other meme coins, Fud the Pug (FUD) and aaa Cat, saw their prices increase by 100% and 650%, respectively, during the same period.
Sui Network Activity is Growing Fast
The Sui Network has been getting busier. More people are using it, and more transactions are happening. According to a website called DefiLlama, the transaction volume on the Sui network increased by 650% from September to October! It went from $26.1 million in September to a huge $198.7 million on October 3.
Also, the total number of transactions on the network is now over 2.02 billion. This is a big sign that Sui is getting more popular. The Total Value Locked (TVL) on Sui also went up a lot. TVL is a measure of how much money is being used on the platform. On October 4, the TVL on Sui was around $1 billion, compared to $620 million the month before.
When the TVL goes up, it usually means more people trust and use the platform. It also makes the native Sui token more valuable.
Why is the Price of the SUI Token Rising?
The SUI token is the main cryptocurrency of the Sui network. In the last 30 days, its price went up by more than 120%! On October 4, the token was worth $1.60, which is a big jump from its recent low of $0.742. Now, SUI is trading at around $2, which is very close to its all-time high of $2.17 in March.
In the past week, SUI has been one of the best-performing cryptocurrencies. If the price can stay above $1.45, then experts think it could soon hit a price of $2.16 or even $2.56.
Conclusion: What’s Next for Sui?
The Sui Network is one to keep an eye on. It’s growing fast, and more people are getting interested in it. The rise of meme coins and the increasing value of the SUI token show that people are willing to put their money into this project.
If Sui can continue to bring in more developers and create good partnerships, it could become a top 10 blockchain project. Right now, Sui is still new, but with the way things are going, it could become one of the most important blockchains in the future.