Since September, the market has primarily focused on two key areas. The first is the ongoing evolution of meme coins, with small-cap Neiro launching on Binance and witnessing a significant rise, while the meme coin MOODENG experienced explosive growth on both Solana and Ethereum. These meme coins continue to generate a wealth effect.
The second focal point is SUI, which emerged as a Layer 1 solution towards the end of the previous cycle. Unlike the fair asset distribution seen in the aforementioned meme coins, SUI’s token allocation has been criticized as a typical VC token model.
However, SUI has shown strong price performance recently, surging from $0.76 at the beginning of September to a peak of $2.16, nearing its all-time high of $2.18—a remarkable increase of approximately 185% in just a month and a half.
This SUI hype was initiated by institutions, promoting a narrative of replacing Solana. The influx of capital into public chains not only benefits token prices but also leads to an increase in Total Value Locked (TVL), ecosystem projects, and even meme coins.
Cetus
Cetus is the leading DEX in the SUI ecosystem, utilizing a concentrated liquidity protocol similar to Uniswap V3. Its offerings include a DEX, liquidity pools, yield farms, and a launchpad, integrating a central limit order book (DeepBook) and the Wormhole cross-chain bridge.
On the launchpad side, it provides an IDO platform for SUI ecosystem projects, where holding xCETUS allows participation. Past IDOs, including CETUS, SUIA, and NAVX, have been oversubscribed, solidifying Cetus’s position as the top DEX.
Currently, the platform’s locked value exceeds $200 million, making it the fourth largest in SUI, with an impressive growth of 83% over the past month. The $Cetus token has seen a price increase of 180% in the last 30 days, currently trading around $0.17 and just shy of its all-time high of $0.186, with a market cap of $54.52 million, ranked 638 on Coingecko.
NAVI
NAVI is SUI’s first native all-in-one liquidity protocol, akin to Aave, providing lending services. It currently supports a range of assets, including SUI, vSUI, NAVX, USDT, USDC, CETUS, and WETH, with stablecoin deposit rates around 7% and SUI at 4%.
NAVI is also the leading project in terms of locked value on SUI, having grown by 52% in the last month, reaching a total of $500 million. However, the token’s price performance has not matched its product success. While $NAVI increased by over 150% during SUI’s rise, it still lags behind its all-time high, needing more than a 100% increase to reach its peak.
Currently, the token price is around $0.15, with an all-time high of $0.357, giving it a market cap of $36.62 million.
Scallop
Scallop is a lending protocol on SUI that completed a strategic funding round of $3 million in March, led by CMS Holdings and 6th Man Ventures, with participation from Mysten Labs (SUI’s parent company) and notable angel investors like NFT whale dingaling and Chinese KOL 0xSun.
In late April, Scallop announced additional strategic financing from DWF Labs, which will act as a major liquidity provider across various centralized exchanges and support OTC trading.
The $SCA token experienced a decline after its launch but has recently seen a modest rise of 52% in the past month, although still trailing behind the growth of SUI and other tokens. The current price is around $0.376, with a historical high of $1.28 and a market cap of $20.34 million.
HIPPO
Inspired by the popular Thai internet sensation MOODENG, HIPPO is the SUI counterpart of the small meme coin that initially gained traction on the Solana blockchain, where it peaked at a market cap of $330 million. Recently, the Ethereum version of HIPPO experienced a tenfold increase in just four days due to its donation of tokens to Vitalik, which he subsequently chose to burn.
Currently, HIPPO’s price is around $0.0148, with an all-time high of $0.01848, and a market cap of $14.8 million, reflecting a 17% increase over the past week.
AAA
AAA is represented by a black cat and is a meme coin on the Sui Name Service, notable for not being ocean-themed. It aims to emulate the success of the popular meme coin Popcat from Solana.
The current price of AAA is approximately $0.0019, with a historical high of $0.00253 and a remarkable 293% increase over the past week, giving it a market cap of $19 million.
BLUB
Initially the top meme coin on SUI, BLUB features a fish with a Pepe face. However, it was recently surpassed by HIPPO. Interestingly, BLUB’s token was launched on September 1, coinciding with SUI’s upward momentum, and it increased from a market cap of $3.5 million to a peak of $48 million, achieving an impressive 11x growth.
Currently, the price is around $0.006123, with an all-time high of $0.006161, though it has seen a 9.8% decline over the past week, with a market cap of $40 million.
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