The Rise of SUI Ecological Projects and Meme Coins: Market Hotspot Analysis

Recently, the focus of the cryptocurrency market has been mainly on two aspects: the continued popularity of meme coin projects and the strong performance of the SUI public chain.

In terms of meme coins, several projects have experienced a surge in prices one after another, continuously creating a wealth effect. At the same time, SUI, as an emerging Layer 1 public chain, has also attracted significant attention from the market. Despite its controversial token distribution model, SUI's recent coin price performance has been strong, soaring from $0.76 in early September to a peak of $2.16, an increase of 185%, approaching an all-time high.

This wave of SUI market is led by institutional investors, and the core narrative behind it is "replacing Solana." With the influx of capital, not only has the price of SUI surged, but the total locked value of its ecosystem, ecological projects, and even meme coins have also risen correspondingly.

Let's take a look at some key projects worth noting in the SUI ecosystem:

Cetus

As the largest decentralized exchange in the SUI ecosystem, Cetus adopts a concentrated liquidity mechanism similar to Uniswap V3. Its product line includes DEX, liquidity pools, gun pools, yield vaults, and Launchpad, among others. Cetus also integrates the central limit order book DeepBook and the Wormhole cross-chain bridge.

Cetus's Launchpad provides an IDO platform for SUI ecosystem projects, and holding xCETUS tokens allows participation. In previous IDOs, there has been an oversubscription phenomenon, which is also an important factor for Cetus to solidify its leading position in DEX.

Currently, Cetus has a locked amount of over 200 million USD, ranking fourth in the SUI ecosystem, with an increase of 83% in the past month. Its token $CETUS has risen by 180% in the last 30 days, with a current price of about 0.17 USD, close to the historical high of 0.186 USD. The current market capitalization is 54.52 million USD, ranking 638 on Coingecko.

NAVI

NAVI is the first native one-stop liquidity protocol in the SUI ecosystem, similar to Aave, providing lending services. Currently supports assets like SUI, vSUI, NAVX, USDT, USDC, CETUS, WETH, etc. The annualized yield for stablecoin deposits is about 7%, while for SUI it is 4%.

NAVI is the project with the highest locked value in the SUI ecosystem, having grown by 52% in the past month, reaching a total of 500 million USD. However, its token performance has not been as impressive as the product, having increased by over 150% in the last 30 days, but still with a certain gap from its historical high. Currently, the price of $NAVI is about 0.15 USD, with a historical high of 0.357 USD, and a current market value of 36.62 million USD.

Scallop

Scallop is a lending protocol in the SUI ecosystem, and in March of this year, it completed a strategic financing of $3 million, with investors including CMS Holdings and 6th Man Ventures. SUI's development company, Mysten Labs, also participated. At the end of April, Scallop received a strategic investment from DWF Labs, which will serve as its main liquidity provider.

After the launch of the $SCA token, it experienced a decline but has recently seen some recovery, increasing by 52% within a month, although this growth is still less than that of SUI itself. Currently, the price of $SCA is approximately $0.376, with a historical high of $1.28 and a current market capitalization of $20.34 million.

Meme Coins: HIPPO, AAA, and BLUB

The SUI ecosystem has also given birth to a batch of meme coins, among which HIPPO, AAA, and BLUB have performed particularly well:

HIPPO originates from the Thai internet celebrity hippo "Bouncing Pig", with a market value that once reached 148 million USD.

The AAA image is a black cat, derived from the emoticons on the SUI domain service, which skyrocketed by 293% within seven days.

BLUB was once the top meme coin of SUI, depicted as a fish with a Pepe face, with a peak market value of 48 million USD.

The popularity of these meme coins reflects the activity level of the SUI ecosystem and has brought more attention to the entire public chain.

Overall, the SUI ecosystem is rapidly developing, with various projects flourishing. As the narrative of "replacing Solana" continues to ferment, it is worth the market's continued attention whether SUI can stand out in the Layer 1 track.