The post Sui’s 85% Transaction Boom Signals Imminent Price Breakout appeared on BitcoinEthereumNews.com.

Following a surge in daily transaction volume, is SUI about to boom? Sui (SUI), a Layer-1 blockchain platform, recently witnessed a substantial surge in its daily transaction volume, capturing the attention of investors and analysts alike. In a remarkable 24-hour period, the number of transactions nearly doubled, coinciding with a notable 18% increase in the price of the SUI token, according to Brave New Coin’s Sui price index. Source: Brave New Coin Sui price index. On October 2, Sui’s daily transactions stood at 4.8 million. Just a day later, this figure skyrocketed to almost 9 million, marking an impressive 85% increase. This sustained high level of activity suggests a growing interest in the platform and a rising demand for its native token. Source: Artemis The spike in transactions is more than just numbers; it reflects heightened interaction with the blockchain. Analysts attribute this uptick to several factors, including the recent integration of Circle’s USDC stablecoin into the Sui network, which occurred a few weeks prior.   USDC, Memes Boost Sui’s Transactions The addition of USDC has provided users with a stable and widely accepted medium of exchange, potentially lowering the barrier to entry for new participants in the Sui ecosystem. This move not only enhances liquidity but also signals Sui’s commitment to expanding its utility and user base. Moreover, the proliferation of meme coins on the Sui network has contributed to the increased transaction volume. Notably, sudeng (HIPPO), the meme coin with the highest market capitalization on Sui, has seen its price soar by 165% over the past seven days. Another meme coin, aaa cat (AAA), experienced an even more dramatic rise of 370% in the same period. These developments suggest that Sui is emerging as a formidable competitor to established platforms like Solana. The network’s ability to attract such…

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Filed under: News - @ October 8, 2024 9:22 pm