The Sui blockchain has seen a massive surge in price this week, surpassing popular layer-1 and layer-2 chains like Arbitrum, Avalanche, and Tron. Reaching its highest point since March 2, Sui’s (SUI) price climbed to $3.1160 as the network gained momentum from its thriving meme coin ecosystem. Driven by strong performance in various meme coins like Miu, Lofi, MemeFi, Sudeng, and Blub, the total market cap of all Sui-based memes has increased 10% to $182 million. This surge led to a noticeable increase in decentralized exchange (DEX) activity on the network. DeFi Llama data shows a 40% rise in DEX volume over the last seven days, reaching $2.7 billion. This is an impressive feat compared to established networks like Arbitrum ($750 million), Avalanche ($240 million), and Tron ($163 million). Notable examples of increased activity include Cetus (biggest DEX platform on Sui), which saw a significant rise in volume, exceeding $1 billion over the last seven days. Other DEX platforms like Bluefin, Kriya, Momentum, and DeepBook also experienced higher volume increases. The price surge is also attributed to a recent partnership that will launch a virtual Mastercard powered by xMoney. 24-hour trading volume on Sui has climbed to $806 million. Technical analysis suggests the coin’s strong upward trajectory following a double bottom pattern around the $2.03 level, breaking above the neckline at $2.8150, signaling bullish sentiment. The price is now exceeding both the 50-day moving average and the 50% Fibonacci retracement level, while momentum indicators like the MACD and Relative Strength Index are also pointing upwards, further reinforcing this positive trend.