Meme coins have become a fascinating part of the crypto world, attracting both seasoned traders and newcomers. The SUI Network, with its unique features, offers a smooth and efficient platform for trading these coins. With the $SUI price steadily climbing it’s time to look at some of the on-chain action. In this guide, we’ll walk you through how to trade Sui meme coins, including the steps to set up your wallet and make trades.
What Is the SUI Network?
The SUI Network is a Layer 1 blockchain developed by Mysten Labs, known for its speed and low costs. It boasts high scalability, handling up to 125,000 transactions per second (TPS), which makes it ideal for applications like meme coins. With its user-friendly features, SUI is quickly gaining popularity, especially in the decentralized finance (DeFi) space. Read our full beginner guide here.
Why Trade Sui Meme coins?
SUI’s efficient architecture makes it an excellent platform for trading meme coins. These coins, often inspired by internet memes, can be highly volatile. The SUI Network’s ($SUI) low transaction costs and fast processing speed are key benefits when dealing with these rapidly moving markets.
The biggest meme coin on SUI is currently “Sudeng” with the ticker $HIPPO. It got recently listed on Binance futures.
Setting Up a Wallet for Trading Meme coins on SUI
Before you can trade meme coins, you need a wallet that supports the SUI Network. While MetaMask is popular for Ethereum-based assets, it doesn’t support SUI by default. But there is a work around with Metamask Snap. Here’s how you can set up your wallet and get started.
MetaMask Snap
Although MetaMask doesn’t natively support SUI, you can use the Sui MetaMask Snap to interact with SUI dApps and manage SUI tokens from within your MetaMask interface.
How to Add Sui to MetaMask With the Sui MetaMask Snap
Here’s a step-by-step guide on how to add Sui Network to MetaMask using the Sui MetaMask Snap feature:
Step 1: Visit the MetaMask Snaps Directory
Go to the MetaMask Snaps directory. Search for “Sui” and select the Sui Snap Wallet by Kuna Labs.
Step 2: Install the Sui Snap Wallet
Click “Add to MetaMask.” Follow the prompts in your MetaMask wallet to complete the installation. Verify the permissions requested by the Snap and proceed if you agree.
Step 3: Connect Sui Snap to MetaMask
After installation, visit the Snap provider’s website to connect your wallet. Click “Connect” and follow the prompts on your MetaMask wallet.
Your Sui Snap Wallet is now ready to use. You can find your wallet address at the top of the wallet interface. Click the Copy icon to copy your address.
Alternative Option: Install Sui Wallet
The most straightforward way to manage SUI-based assets is to use a wallet designed specifically for the SUI Network, such as the Sui Wallet. This wallet is available as a browser extension and mobile app.
- Download the Wallet: Visit the official website for Sui Wallet and select your preferred platform (iOS, Android, or browser extension).
- Create a New Wallet: Once installed, follow the on-screen instructions to create a new wallet. Don’t forget to securely store your 24-word seed phrase—it’s critical for wallet recovery.
Step 1: Fund Your Wallet
Now that your wallet is set up, you need SUI tokens to trade meme coins. You can buy SUI tokens from major exchanges like Bybit and Binance. After purchasing, transfer your SUI tokens to your Sui Wallet.
Step 2: Choose a Meme coin Exchange
Next, you need a platform that supports meme coins on SUI. Some exchanges are tailored for these kinds of trades, offering easy access to various tokens. Popular decentralized exchanges (DEXs) on the SUI Network include:
- Cetus Finance: A DeFi platform that supports SUI tokens.
- SuiSwap: A decentralized exchange specifically for SUI-based assets.
How to Trade Meme Coins on SUI
Now that your wallet is ready and you’ve chosen a platform, you can start trading meme coins. Here’s how to do it:
Step 1: Connect Your Wallet to the Exchange
Go to the chosen DEX (like Cetus Finance) and click on the “Connect Wallet” button. Select Sui Wallet or another compatible wallet. Follow the prompts in your wallet to confirm the connection.
On Cetus I can connect with Metamask Snaps.
Step 2: Find Your Meme coin
Once your wallet is connected, browse the exchange’s listing for meme coins. Popular meme coins on SUI may include tokens like SuDeng, which is the Sui version of the popular hippo meme coin MOODENG on Solana.
Step 3: Place an Order
To place a buy or sell order:
- Buy: Enter the amount of the meme coin you wish to purchase and confirm the transaction in your wallet.
- Sell: Similarly, if you want to sell, choose the amount of meme coin you wish to exchange for SUI tokens or another cryptocurrency.
Step 4: Confirm the Transaction
Once you’ve placed your order, confirm the transaction in your wallet. Most transactions on SUI are processed quickly, with low fees.
As a test, we bought a little SUDENG.
Step 5: Monitor the Market
Meme coins are known for their volatility, so it’s important to keep track of the market. Use analytics tools to stay informed about price movements. Some exchanges even offer advanced trading features like limit orders to automate your buys and sells.
Additional Tips for Trading Sui Meme Coins
- Start Small: Meme coins can be volatile. Consider starting with a small amount until you get familiar with the market.
- Use Stop-Loss Orders: Many exchanges allow you to set stop-loss orders, which can help minimize losses in a rapidly falling market.
- Keep Up with News: Meme coin trends can change fast. Stay informed by following crypto news, social media trends, and influencer endorsements that may impact prices.
Here’s a full guide on how to trade memes.
Conclusion
Trading meme coins on the SUI Network is an exciting and accessible way to get involved in the crypto world. With its high throughput, low fees, and fast transaction speeds, SUI is an ideal platform for buying and selling these fun yet volatile assets. Follow the steps outlined in this guide to set up your wallet, connect to an exchange, and start trading meme coins on SUI. The meme coins on SUI are fairly new and exciting. We all saw what happened to $PNUT in a matter of 2 weeks once it got listed on Binance.
Whether you choose Sui Wallet, Suiet Wallet, or MetaMask Snap, you’re now equipped with everything you need to make the most of your meme coin trading experience. Enjoy the process and always trade responsibly!
Don’t forget to claim your bonus below and see you next time!
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