Sui ecosystem heat soars Multiple factors drive rise

Recently, Sui and its ecosystem have experienced a remarkable rise, with the SUI token increasing by over 75% within a week, far exceeding the market performance during the same period. Behind this phenomenon are complex driving factors interwoven, including speculative enthusiasm triggered by market rumors, significant changes in capital flow, and continuous improvements in the ecosystem's fundamentals.

Capital Flow Analysis

From the on-chain capital flows in the past few months, the changes of Sui are not significant, showing a net outflow of 32 million USD within three months. However, at the exchange level, the influx of funds into the Sui ecosystem is quite notable. Data shows that in the last seven days, the spot capital inflow of SUI reached 62.86 million USD, ranking fourth among all cryptocurrencies. At the same time, tokens from the Sui network ecosystem such as WAL, MEMEFI, and CETUS also made it into the top ten in the contract capital inflow ranking.

The contract holdings of the SUI token began to rise rapidly from April 21, increasing from $700 million to $1.419 billion within a week, approaching an all-time high. Most tokens in its ecosystem also experienced significant increases, with 35 tokens rising over 100% in the past week, accounting for 20% of the ecosystem projects.

Positive News Drives

Starting from April 21, mainstream tokens generally rebounded, and Sui also began to rise. Subsequently, multiple positive news items were released:

1. Pokémon collaboration rumors: The Pokémon HOME app updates its privacy policy, listing Sui-related companies as authorized developers, sparking market speculation.

2. xMoney/xPortal collaboration: Sui announces the launch of a branded virtual Mastercard in Europe, integrated into the xPortal app.

3. ETF-related news: The news that 21Shares previously established the "SUI ETF" statutory trust entity has been brought back into focus.

4. Other progress: The Athens Stock Exchange Group is building an on-chain fundraising platform on Sui; Nautilus brings verifiable off-chain privacy solutions to Sui, etc.

Ecological Development and Risks

The DEX trading volume on the Sui network remains high, reaching a historical peak of $998 million on March 29. Projects such as Cetus Protocol and Kriya have performed outstandingly, driving the overall ecosystem rise. Developer activity has also significantly increased, with a high frequency of code submissions on Github.

However, there are still potential risks:

1. Token unlock pressure: Continuous token unlocks of SUI may bring selling pressure.

2. Application ecosystem development needs: Currently, the ecosystem rise is mainly led by DEX and infrastructure projects, lacking blockbuster applications that attract a large number of users.

In summary, the recent rise of the Sui ecosystem is the result of the combined effects of market speculation enthusiasm, capital inflow, and fundamental progress. The key to future development lies in whether the current enthusiasm can be transformed into long-term value, which requires vigilance against token unlocking risks and attention to the further prosperity of the application ecosystem.