The Rise of SUI Ecological Projects: Meme Coins Leading the Trend

Recently, the focus of the cryptocurrency market has mainly centered on two directions: the continuous innovation of meme coins and the strong performance of the SUI public chain. New projects continually emerge in the meme coin sector, generating a wealth effect. As an emerging Layer 1 public chain, SUI has faced controversy over its token distribution method, but its market performance has been exceptionally strong.

Since the beginning of September, the price of SUI coin has soared from $0.76 to $2.16, approaching the historical high of $2.18, with an increase of 185% in just one and a half months. This surge has been driven by institutional investors, emphasizing the narrative of "replacing Solana." As funds have poured in, not only has the price of SUI coin risen, but the total locked value of its ecosystem, ecological projects, and even meme tokens have also seen significant increases.

Let's take a closer look at some projects worth paying attention to in the SUI ecosystem:

Cetus: The Leading DEX in the SUI Ecosystem

As the largest decentralized exchange on SUI, Cetus adopts a concentrated liquidity model similar to Uniswap V3. Its product line is rich, including trading, liquidity pools, yield farming, and it integrates central limit order book and cross-chain bridge functionalities. Cetus's Launchpad platform provides IDO services for ecological projects, which is a key factor in maintaining its leading position.

Currently, Cetus has a locked value of over $200 million, ranking fourth in the SUI ecosystem, with an 83% growth in the past month. Its native token $Cetus has risen by 180% in the last 30 days, with the current price around $0.17, close to the historical high of $0.186. The current market capitalization is $54.52 million, ranking 638th among cryptocurrencies globally.

NAVI: The Lending Giant of SUI

NAVI is the first native one-stop liquidity protocol on SUI, providing lending services similar to Aave. Currently supports various assets, including SUI, USDT, USDC, etc. The annual interest rate for stablecoin deposits is approximately 7%, while for SUI it is 4%.

As the project with the largest locked value in the SUI ecosystem, NAVI has grown by 52% in the past month, with a total locked value of up to $500 million. However, the performance of its token $NAVI has not been as impressive as the product. Although it has risen over 150% in the past 30 days, it still has a certain distance from its historical high. The current price is approximately $0.15, with a historical high of $0.357, and a current market cap of $36.62 million.

Scallop: A Lending Platform Favored by Capital

Scallop is another important lending protocol in the SUI ecosystem. In March of this year, Scallop completed a strategic financing of $3 million, with investors including well-known institutions such as CMS Holdings and 6th Man Ventures, as well as SUI's parent company Mysten Labs. At the end of April, Scallop received a strategic investment from DWF Labs, which will provide liquidity support for its centralized exchange.

The token $SCA of Scallop experienced a period of decline after its launch, but has recently rebounded, rising 52% within a month. The current price is approximately $0.376, with an all-time high of $1.28 and a current market capitalization of $20.34 million.

The Meme Token Craze of the SUI Ecosystem

HIPPO

HIPPO is the SUI version of the "Hippopotamus" meme coin, inspired by the Thai internet celebrity hippo "Bouncing Pig". Similar concept tokens have achieved significant success on Solana and Ethereum. The current price of HIPPO is approximately $0.0148, close to its historical high of $0.01848, with a market cap of $148 million and a 17% increase over the past week.

AAA

The image of AAA is a black cat, originating from the emoji pack on the SUI Name Service. This is one of the few non-oceanic themed meme coins on SUI, and the community hopes it can replicate the success of Popcat on Solana. Currently, AAA is priced at about $0.0019, with a historical high of $0.00253, having surged 293% in the past seven days, with a market cap of $19 million.

BLUB

The image of BLUB is a fish with a Pepe face, which was once the most popular meme coin in the SUI ecosystem. Interestingly, the issuance time of BLUB is close to the start time of the price increase of SUI. It skyrocketed from an initial market cap of 3.5 million dollars to a peak of 48 million dollars, achieving an 11-fold increase. The current price is about 0.0000123 dollars, with a historical high of 0.0000161 dollars, and has recently slightly retraced, maintaining a market cap of around 40 million dollars.