Background
Starting from September, the market has had two main focuses. The first is the continuous iteration and update of the meme track, with the launch of Neiro on Binance and its continued rise; the hippopotamus MOODENG has been surging on both Solana and Ethereum. Meme coins have continued to create a wealth effect.
The second focus is SUI, a Layer 1 that appeared at the end of the last cycle. Its token distribution method is different from the aforementioned meme-focused fair asset issuance, and it is the most criticized VC Token of this cycle.
However, SUI has shown strong price performance recently, rising from $0.76 at the beginning of September to a high of $2.16, approaching the historical high of $2.18, a surge of about 185% in a month and a half.
This SUI hype was initiated by institutions, with a narrative of replacing Solana. The influx of capital into the public chain has benefited not only the token price, but also the TVL, ecosystem projects, and even meme coins.
What projects/tokens in SUI should we pay attention to? Let's explore with WOO X Research.
Cetus
The largest DEX in the Sui ecosystem, using a concentrated liquidity protocol similar to Uniswap V3, with products including DEX, liquidity pools, gun pools, yield vaults, and Launchpad, as well as integrating the centralized limit order book DeepBook and the Wormhole cross-chain bridge.
In terms of Launchpad, it provides an IDO launch platform for Sui ecosystem projects, with xCETUS holders eligible to participate. The previous CETUS, SUIA, and NAVX IDOs were all oversubscribed, which is an important factor in Cetus' position as the DEX leader.
The platform currently has over $200 million in locked value, ranking fourth on SUI, and has grown 83% in the past month.
The CETUS token has risen 180% in the past 30 days, with a current price of around $0.17, just one step away from the historical high of $0.186. The current market cap is $54.52 million, ranking 638 on Coingecko.
NAVI
The first native one-stop liquidity protocol on Sui, similar to Aave, providing lending and borrowing services, currently supporting assets such as Sui, vSui, NAVX, USDT, USDC, CETUS, and WETH. The deposit rate for stablecoins is around 7%, and for SUI it is 4%.
It is also the project with the largest locked value on SUI, growing 52% in a month, reaching $500 million.
However, the token price performance is not as impressive as the product. During this period of SUI's surge, the NAVI token has risen over 150% in 30 days, but is still over 100% away from its historical high, unlike SUI and Cetus, which are challenging their previous highs.
The current token price is around $0.15, with a historical high of $0.357 and a current market cap of $36.62 million.
Scallop
A lending protocol on Sui, completed a $3 million strategic financing in March, led by CMS Holdings and 6th Man Ventures, with other investors including Mysten Labs (the parent company of SUI), the aforementioned Cetus, the well-known Non-Fungible Token whale dingaling, and the Chinese KOL 0xSun as angel investors.
At the end of April, it also announced strategic financing from DWF Labs, which will serve as the main liquidity provider for Scallop on various centralized exchanges and will also support over-the-counter (OTC) trading.
The SCA token has been on a gradual decline since its launch, with a slight uptick in the past month, rising 52%, but not as much as SUI and the above-mentioned tokens.
The SCA token price is around $0.376, with a historical high of $1.28 and a current market cap of $20.34 million.
The following introduces the meme coins on SUI.
HIPPO
The conceptual prototype is the Thai internet celebrity hippopotamus "Jumping Pig" MOODENG, with the meme coin concept first occurring on the Solana chain, where the Sol hippopotamus reached a peak market cap of $330 million. Recently, the hippopotamus on Ethereum also saw a 10-fold increase in price within four days due to Vitalik's decision to burn the donation tokens.
HIPPO is the hippopotamus on SUI, with a current price of around $0.0148, a historical high of $0.01848, a current market cap of $148 million, and a 17% increase in the past seven days.
AAA
The image is a black cat, the concept is a sticker on the Sui Name Service, and it is a rare meme coin on SUI that is not associated with marine life, with the community hoping to emulate the famous Solana meme coin Popcat.
The current price is around $0.0019, the historical high is $0.00253, the increase in the past seven days is 293%, and the current market cap is $19 million.
BLUB
The image is a fish with a Pepe face, which was once the number one meme coin on SUI until the emergence of HIPPO.
Interestingly, BLUB's token issuance time was September 1, coinciding with the starting point of SUI's rise, and it has also risen from an initial market cap of $3.5 million to a peak of $48 million, achieving an 11-fold increase.
The current price is around $0.0(6)123, the historical high is $0.0(6)161, the decrease in the past seven days is 9.8%, and the current market cap is $40 million.
Welcome to join the official BlockBeats community:
Telegram subscription group: https://t.me/theblockbeats
Telegram discussion group: https://t.me/BlockBeats_App
Twitter official account: https://twitter.com/BlockBeatsAsia
