SUI has spiked 26% in the last 24 hours and is now near the $3 mark. The sharp move came as the network shook off months of downward pressure, rallying on the back of a wider crypto market rise.
That market rise comes amid renewed optimism surrounding the ongoing trade war between the United States and China, with President Donald Trump recently suggesting he would lower tariffs on the latter. This optimism has also led to a surge in Bitcoin ETF inflows, reaching nearly $1 billion this week, as CryptoMode reported.
These words came after U.S. Treasury Secretary Scott Bessent told investors at a JPMorgan event that was closed off to the media that the ongoing trade war was unsustainable.
De-escalating the trade war, Bessent said, is something that was coming “in the very near future.” The ongoing rally saw bitcoin briefly hit $95,000 to become the seventh-largest asset by market capitalization, before dropping to $93,500 at the time of writing.
Still, the figure is far above the $84,000 level seen just a week ago. Similarly, SUI’s price is up significantly from the $2 level seen a week ago.
The token’s rally is also coming on the back of growing interest in Sui-based memecoins. Much of the excitement appears to center on LOFI and BLUB, two tokens that have gained significant attention in recent days.
Sui’s Ecosystem Activity Grows
LOFI surged 143% in a week while BLUB gained 70%, pulling traders into the ecosystem. This traffic uptick appears to have fueled SUI’s breakout from a descending channel that had been forming since late last year.
Although still down more than half from its January highs, the token is showing signs of renewed activity beyond just speculative price action, as on-chain metrics suggest that the ecosystem is experiencing growth.
According to Artemis data, the number of daily active addresses on the network has surged from around 500,000 in February to nearly 1.5 million, while daily transactions are now hovering close to the 6 million mark.
