Sui Ecosystem Fully Rising: A Depth Analysis from Token Price Big Pump to DEX Volume Surge
Recently, the Sui network ecosystem has experienced an impressive rally, with its governance token SUI achieving a gain of more than 75% in just one week, far outperforming the overall market performance over the same period. Behind this rally lies a complex mix of drivers, driven by speculative sentiment and clear changes in capital flows, while ecosystem fundamentals continue to improve. This article will provide an in-depth analysis of the capital movements, key catalysts, on-chain data performance, and potential risk factors behind this Sui upward wave.
A large influx of funds into the exchange has significantly increased positions in the contract market.
From the perspective of on-chain capital flows, Sui's capital changes in recent months have not been particularly significant, showing a net outflow of about $32 million in the three-month cycle, which is not high in the public chain field. Further analysis of the on-chain capital flows in the past month and the past week, the change in Sui is even more minimal, and it has not even entered the top 20 in the ranking of public chains.
However, the capital flow at the exchange level presents a significantly different picture. Data shows that in the past seven days, the spot capital inflow for SUI reached 62.86 million USD, ranking fourth among all cryptocurrencies, only behind USDT, ETH, and FUSD. Even more noteworthy is that several Sui network ecological tokens such as WAL, MEMEFI, and CETUS have also made it to the top ten in the contract capital inflow rankings over the past seven days, further proving that the capital activity within the Sui ecosystem has significantly increased.
The contract holding data also confirms this trend, with the holding volume of SUI Token significantly increasing since April 21, rising from 700 million to 1.419 billion in just one week, almost reaching the historical high of 1.5 billion.
It is worth noting that not only SUI itself has performed well, but many tokens in its ecosystem have also achieved significant growth during the week. The data shows that among the Sui ecological tokens included in a certain platform, about 20% of the projects have risen by more than 100% in the past week, and 37.5% of the projects have increased by more than 50%, showing a full blooming scene.
From a financial perspective, this rise in the market is a comprehensive boost for the Sui ecosystem. Although many projects do not have substantial positive news, the market price performance is unusually active.
Multiple positive news boost market sentiment
On April 21st, the mainstream cryptocurrency market began to rebound, and Sui's initial rise also started in sync with the market trend, followed by several positive news releases. However, it remains uncertain whether these news are the true driving force behind the rise or market operations that coincide with price increases.
On the one hand, there have been a number of important cooperation news in the Sui ecosystem recently. One of the most notable is the Pokémon collaboration rumors: this rumor stems from the fact that on April 23, the Pokémon HOME app updated its privacy policy to include "Parasol Technologies" as one of the developers authorized to receive user data. It is worth noting that Parasol Technologies, a blockchain game studio, was acquired by Mysten Labs, Sui's core development team, in March this year. This direct connection quickly ignited the market's imagination, and social media was flooded with speculation about Pokémon's possible integration of IP into the Sui blockchain. The market narrative is largely focused on potential NFT integrations or blockchain-based collectibles, perhaps even related to the "medal" feature launched by Pokémon HOME.
Although the Sui Foundation did not mention Pokémon in the official blog post released on April 23 about the launch of the collectible card game Parasol on Sui, some users claim that an earlier version of the blog post referenced Pokémon NFT, which was later edited out, further strengthening market speculation.
Another important collaboration is with xMoney/xPortal: on April 24, Sui announced a partnership with the financial platform xMoney and the crypto app xPortal. At the heart of the partnership is the launch of a Sui-branded virtual Mastercard in Europe, integrated into the xPortal app with 2.5 million users. Users can add virtual cards to mobile payment systems and pay with SUI and other cryptocurrencies at a wide range of merchants. Physical cards are expected to be available later this year.
ETF-related narratives are also seen as important factors driving Sui's rally. The recent news that 21Shares has set up a "SUI ETF" statutory trust entity has attracted attention. THIS NEWS IS ACTUALLY NOT THE LATEST – ACCORDING TO THE DELAWARE STATE REGISTRY, THE 10058451 "21SHARES SUI ETF" STATUTORY TRUST ENTITY WAS ESTABLISHED AS EARLY AS JANUARY 7 OF THIS YEAR. But with this news being refocused recently, it seems to provide additional support for SUI's rally.
In addition, there is a lot of good news for the Sui network in the past one or two months, such as the Athens Stock Exchange Group announced on April 16 that it has completed the technical design of building an on-chain fundraising platform on Sui; Nautilus launched a verifiable off-chain privacy solution for Sui on April 15; and Canary Capital's submission of SUI ETF applications, among others.
Overall, Sui's recent advancements in multiple areas such as Web3 gaming, privacy technology, and development environments have come together to form a positive outlook, which is different from the market reactions previously triggered by single messages.
The surge in DEX trading volume and the dual challenges faced
Since April, the (DEX) trading volume of decentralized exchanges on the Sui network has remained high, notably hitting an all-time high of $998 million on March 29 and surpassing $400 million in daily trading volume on multiple days since. Cetus Protocol, a leading DEX project in the ecosystem, led the overall growth, with an 84.5% increase in trading volume in the past week, and its token CETUS has also nearly doubled in a week.
Another important contributor is the Kriya exchange, which contributed $780 million on March 29, the day the Sui network's trading volume hit a record, accounting for a significant share of the daily volume. This is a more than 100 times increase compared to the $7.28 million from the previous day.
Comprehensive analysis suggests that the big pump in the trading volume of these two DEXs on March 28 may have been primarily triggered by the airdrop of Walrus's Token. On March 27, the decentralized storage project Walrus, which raised $140 million, released its airdrop, and that day the trading volume of the Token reached $380 million, which is likely the main catalyst for the recent surge in trading volume on the Sui network.
The increase in developer activity is also the basic driving force for the growth of the Sui network. According to Github data, the frequency of code commits on the Sui network has increased significantly since December, maintaining a high of more than 500 per week, compared with about 250 previously. In contrast, other well-known public chains such as Solana and Aptos have maintained a code submission frequency of around 100 times.
However, while the market is generally optimistic, there are also several risk factors worth noting:
First, the regular unlocking of SUI Tokens creates a continuous selling pressure, with tens of millions of Tokens being released almost every week, becoming the largest source of supply in the market. These unlocked Tokens have always been an uncertain factor in the rising cycle of SUI.
Secondly, the upward structure of the Sui ecosystem is currently dominated by DEX or infrastructure projects, while MEME tokens or application/game projects are not yet outstanding. Most of the current tokens with a market cap of more than $10 million are still early-stage projects. In other words, if Sui is compared to a city, although infrastructure such as decentralized storage, DeFi, and gaming has been built around projects such as Walrus, Deepbook, and Parasol, there is still a lack of "star applications" in these fields that can attract large-scale users.
Taken together, the recent surge in SUI Token and its ecosystem is the result of a combination of market speculation, capital inflows, contract market expectations, and fundamental developments. However, while paying attention to its outstanding price performance, it is also necessary to be wary of the pressure brought by the continuous unlocking of tokens, and pay attention to whether its application ecosystem can further prosper and give birth to popular applications that truly attract users. This will be the key to determining whether Sui can turn the current heat into long-term value.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Sui ecosystem experiences a big pump: Token skyrockets 75%, DEX volume hits a new high
Sui Ecosystem Fully Rising: A Depth Analysis from Token Price Big Pump to DEX Volume Surge
Recently, the Sui network ecosystem has experienced an impressive rally, with its governance token SUI achieving a gain of more than 75% in just one week, far outperforming the overall market performance over the same period. Behind this rally lies a complex mix of drivers, driven by speculative sentiment and clear changes in capital flows, while ecosystem fundamentals continue to improve. This article will provide an in-depth analysis of the capital movements, key catalysts, on-chain data performance, and potential risk factors behind this Sui upward wave.
A large influx of funds into the exchange has significantly increased positions in the contract market.
From the perspective of on-chain capital flows, Sui's capital changes in recent months have not been particularly significant, showing a net outflow of about $32 million in the three-month cycle, which is not high in the public chain field. Further analysis of the on-chain capital flows in the past month and the past week, the change in Sui is even more minimal, and it has not even entered the top 20 in the ranking of public chains.
However, the capital flow at the exchange level presents a significantly different picture. Data shows that in the past seven days, the spot capital inflow for SUI reached 62.86 million USD, ranking fourth among all cryptocurrencies, only behind USDT, ETH, and FUSD. Even more noteworthy is that several Sui network ecological tokens such as WAL, MEMEFI, and CETUS have also made it to the top ten in the contract capital inflow rankings over the past seven days, further proving that the capital activity within the Sui ecosystem has significantly increased.
! Multiple Drivers Behind Sui's Rise: From Pokémon Collaboration Rumors to DEX Trading Volume Spike
The contract holding data also confirms this trend, with the holding volume of SUI Token significantly increasing since April 21, rising from 700 million to 1.419 billion in just one week, almost reaching the historical high of 1.5 billion.
It is worth noting that not only SUI itself has performed well, but many tokens in its ecosystem have also achieved significant growth during the week. The data shows that among the Sui ecological tokens included in a certain platform, about 20% of the projects have risen by more than 100% in the past week, and 37.5% of the projects have increased by more than 50%, showing a full blooming scene.
From a financial perspective, this rise in the market is a comprehensive boost for the Sui ecosystem. Although many projects do not have substantial positive news, the market price performance is unusually active.
Multiple positive news boost market sentiment
On April 21st, the mainstream cryptocurrency market began to rebound, and Sui's initial rise also started in sync with the market trend, followed by several positive news releases. However, it remains uncertain whether these news are the true driving force behind the rise or market operations that coincide with price increases.
On the one hand, there have been a number of important cooperation news in the Sui ecosystem recently. One of the most notable is the Pokémon collaboration rumors: this rumor stems from the fact that on April 23, the Pokémon HOME app updated its privacy policy to include "Parasol Technologies" as one of the developers authorized to receive user data. It is worth noting that Parasol Technologies, a blockchain game studio, was acquired by Mysten Labs, Sui's core development team, in March this year. This direct connection quickly ignited the market's imagination, and social media was flooded with speculation about Pokémon's possible integration of IP into the Sui blockchain. The market narrative is largely focused on potential NFT integrations or blockchain-based collectibles, perhaps even related to the "medal" feature launched by Pokémon HOME.
Although the Sui Foundation did not mention Pokémon in the official blog post released on April 23 about the launch of the collectible card game Parasol on Sui, some users claim that an earlier version of the blog post referenced Pokémon NFT, which was later edited out, further strengthening market speculation.
Another important collaboration is with xMoney/xPortal: on April 24, Sui announced a partnership with the financial platform xMoney and the crypto app xPortal. At the heart of the partnership is the launch of a Sui-branded virtual Mastercard in Europe, integrated into the xPortal app with 2.5 million users. Users can add virtual cards to mobile payment systems and pay with SUI and other cryptocurrencies at a wide range of merchants. Physical cards are expected to be available later this year.
ETF-related narratives are also seen as important factors driving Sui's rally. The recent news that 21Shares has set up a "SUI ETF" statutory trust entity has attracted attention. THIS NEWS IS ACTUALLY NOT THE LATEST – ACCORDING TO THE DELAWARE STATE REGISTRY, THE 10058451 "21SHARES SUI ETF" STATUTORY TRUST ENTITY WAS ESTABLISHED AS EARLY AS JANUARY 7 OF THIS YEAR. But with this news being refocused recently, it seems to provide additional support for SUI's rally.
In addition, there is a lot of good news for the Sui network in the past one or two months, such as the Athens Stock Exchange Group announced on April 16 that it has completed the technical design of building an on-chain fundraising platform on Sui; Nautilus launched a verifiable off-chain privacy solution for Sui on April 15; and Canary Capital's submission of SUI ETF applications, among others.
Overall, Sui's recent advancements in multiple areas such as Web3 gaming, privacy technology, and development environments have come together to form a positive outlook, which is different from the market reactions previously triggered by single messages.
The surge in DEX trading volume and the dual challenges faced
Since April, the (DEX) trading volume of decentralized exchanges on the Sui network has remained high, notably hitting an all-time high of $998 million on March 29 and surpassing $400 million in daily trading volume on multiple days since. Cetus Protocol, a leading DEX project in the ecosystem, led the overall growth, with an 84.5% increase in trading volume in the past week, and its token CETUS has also nearly doubled in a week.
Another important contributor is the Kriya exchange, which contributed $780 million on March 29, the day the Sui network's trading volume hit a record, accounting for a significant share of the daily volume. This is a more than 100 times increase compared to the $7.28 million from the previous day.
Comprehensive analysis suggests that the big pump in the trading volume of these two DEXs on March 28 may have been primarily triggered by the airdrop of Walrus's Token. On March 27, the decentralized storage project Walrus, which raised $140 million, released its airdrop, and that day the trading volume of the Token reached $380 million, which is likely the main catalyst for the recent surge in trading volume on the Sui network.
The increase in developer activity is also the basic driving force for the growth of the Sui network. According to Github data, the frequency of code commits on the Sui network has increased significantly since December, maintaining a high of more than 500 per week, compared with about 250 previously. In contrast, other well-known public chains such as Solana and Aptos have maintained a code submission frequency of around 100 times.
However, while the market is generally optimistic, there are also several risk factors worth noting:
First, the regular unlocking of SUI Tokens creates a continuous selling pressure, with tens of millions of Tokens being released almost every week, becoming the largest source of supply in the market. These unlocked Tokens have always been an uncertain factor in the rising cycle of SUI.
Secondly, the upward structure of the Sui ecosystem is currently dominated by DEX or infrastructure projects, while MEME tokens or application/game projects are not yet outstanding. Most of the current tokens with a market cap of more than $10 million are still early-stage projects. In other words, if Sui is compared to a city, although infrastructure such as decentralized storage, DeFi, and gaming has been built around projects such as Walrus, Deepbook, and Parasol, there is still a lack of "star applications" in these fields that can attract large-scale users.
Taken together, the recent surge in SUI Token and its ecosystem is the result of a combination of market speculation, capital inflows, contract market expectations, and fundamental developments. However, while paying attention to its outstanding price performance, it is also necessary to be wary of the pressure brought by the continuous unlocking of tokens, and pay attention to whether its application ecosystem can further prosper and give birth to popular applications that truly attract users. This will be the key to determining whether Sui can turn the current heat into long-term value.