The Sui blockchain (SUI) has become one of the standout performers of the past year, driven largely by the growing popularity of memecoins within its ecosystem. The platform’s market capitalization has soared to $12 billion over a relatively short period, propelling it into the top 20 cryptocurrencies by valuation.
The growth of the SUI ecosystem is mirrored in the performance of its native token, which experienced a remarkable 1,178% surge, reaching an all-time high of $4.49 over the past 14 months, making it one of the most profitable cryptocurrencies in the current dispensation.. According to CoinGecko, memecoins within the Sui network now account for $492 million of the blockchain’s total valuation.
The platform hosts 49 memecoins, with Sudeng (HIPPO) leading the pack by market capitalization. Other notable tokens include MemeFi (MEMEFI), LOFI, BLUB, and AXOL. These assets have played a significant role in driving trading volume and overall value within the network.
Lower-Ranked Memecoins Outshine Market Leaders
In the meantime, recent data showed that some lower-ranked memecoins performed better, especially in the past seven days. For instance, Suijak (SUIJAK) ranked thirteenth on the Sui network memecoins categorization but gained 1,874% in the past week, against the HIPPO’s 15% drop in value. SUICAT, a memecoin that falls further down in the market cap rating category gained 589%, while DAK made a 459% profit during the same period.
Sui’s ability to handle up to 120,000 transactions per second (TPS) through parallel execution has drawn significant attention from developers. This scalability positions the platform as a strong competitor to Solana and, by extension, Ethereum, in the race to dominate blockchain technology.
Sui’s $12 billion market cap milestone shows how memecoins can favorably impact a blockchain infrastructure; and in a way showcase it as its utility.