Analysis of Multiple Factors Behind the Recent Big Pump of the Sui Ecosystem

Recently, the Sui ecosystem has experienced a significant rise, with its token SUI increasing by more than 75% in one week, far exceeding the overall market performance. This phenomenon is driven by multiple factors, including market rumors, changes in capital flow, and the continuous improvement of the ecosystem's fundamentals. This article will delve into the funding trends of this rise, key catalysts, on-chain data performance, and potential risks, providing a comprehensive interpretation of the logic behind this ecological carnival.

Capital Flow Analysis

From the perspective of on-chain capital flow, Sui has shown a net outflow of 32 million USD in the past three months, but this figure is relatively low. In the past month and week, the changes in Sui's on-chain capital flow have been small.

However, the fund flow at the exchange level shows a significant inflow trend. Data shows that in the past seven days, the spot fund inflow for SUI reached 62.86 million USD, ranking fourth among all cryptocurrencies. In terms of contract fund inflow, several Sui ecosystem tokens like WAL, MEMEFI, CETUS, etc., have entered the top ten, reflecting an increase in the activity level of funds within the ecosystem.

The contract holdings of SUI tokens have surged significantly since April 21, increasing from $700 million to $1.419 billion within a week, nearing historical highs.

Most tokens within the Sui ecosystem experienced a big pump this week, with 20% of tokens rising over 100% and 37.5% of tokens rising over 50%, showing a comprehensive rise.

Factors Driving Market Sentiment

The rebound starting from April 21 coincided with the overall market, and several positive news further propelled the rise.

1. Pokémon collaboration rumors: Originating from the update of the privacy policy of the Pokémon HOME application, which lists Parasol Technologies, acquired by Sui, as an authorized developer. This has sparked market speculation that Pokémon may launch NFTs or blockchain collectibles on Sui.

2. xMoney/xPortal Collaboration: Sui announces a partnership with these platforms to launch the Sui branded virtual Mastercard in Europe, integrated within the xPortal app, supporting payments with cryptocurrencies such as SUI.

3. ETF-related news: 21Shares established the "SUI ETF" statutory trust entity as early as January 2025, and this news has recently gained renewed attention.

In addition, Sui has made progress in multiple areas such as Web3 gaming, privacy solutions, and development environments, creating an overall favorable outlook.

The surge in DEX trading volume and developer activity

Since April, the DEX trading volume of the Sui network has remained high, reaching a historical peak of $998 million on March 29. The leading DEX within the ecosystem, Cetus Protocol, has seen its trading volume increase by 84.5% over the past week, with its token CETUS price nearly doubling.

Another important contributor, Kriya, contributed $780 million in trading volume on March 29, an increase of more than 100 times compared to the previous day. This surge may be related to the airdrop of the Walrus project.

In terms of developer activity, the Github code submission frequency of the Sui network has maintained a high level of over 500 times per week since December 2024, significantly higher than competitors like Solana and Aptos.

Potential Risks

1. Token unlock pressure: A large number of tokens are unlocked weekly for SUI, becoming a continuous source of selling pressure.

2. The ecological structure needs improvement: Currently, the rise of the Sui ecosystem is mainly led by DEX and infrastructure projects, lacking standout application or game projects. Tokens with a market capitalization of over $10 million are still mainly early projects.

Conclusion

The recent rise of the Sui ecosystem is the result of market speculation, influx of capital, expectations in the futures market, and progress in fundamentals. However, while paying attention to price performance, one must also be wary of the ongoing token unlocking pressure and focus on whether the application ecosystem can further thrive and give birth to truly attractive blockbuster applications for users, as this will determine whether Sui can convert its current enthusiasm into long-term value.