The Sui ecosystem is experiencing a strong rise, driven by multiple favourable information boosting market sentiment.

Recently, the Sui ecosystem has experienced a remarkable rise, with the SUI token increasing by over 75% in 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 flows, and continuous improvements in the ecosystem's fundamentals. Let us delve into the funding trends of SUI's recent rise, key news catalysts, on-chain data performance, and potential risks, to comprehensively interpret the logic behind this ecological carnival.

Influx of funds to the exchange, surge in contract positions

From the on-chain capital flow in recent months, the capital changes of Sui are not significant, showing a net outflow of 32 million USD over a three-month period. However, in terms of capital flow on exchanges, the influx of funds into the Sui ecosystem is quite noticeable. Data shows that in the past seven days, the spot capital inflow of SUI reached 62.86 million USD, ranking fourth among all cryptocurrencies. Moreover, in the capital inflow leaderboard for contracts, several ecological tokens of the Sui network also made it into the top ten, reflecting the capital activity of the Sui ecosystem.

The contract holdings of SUI tokens experienced a surge starting from April 21, increasing from $700 million to $1.419 billion in just one week, approaching the previous high of $1.5 billion. Besides SUI, most tokens in its ecosystem also saw significant rises within the week. Among the listed Sui ecosystem tokens, 35 tokens had a rise of over 100% in the past week, accounting for 20% of Sui ecosystem projects, and 37.5% of tokens had a rise of over 50%, truly flourishing.

Multiple Favourable Information Boosts Market Sentiment

On April 21, almost all mainstream tokens began to rebound in sync, and the initial rebound of Sui also started in line with the market's rhythm, followed by a number of Favourable Information.

On one hand, multiple ecosystem partnership news has emerged from Sui. For example, there are rumors that Pokémon may plan to integrate its IP into the Sui blockchain, and this news quickly ignited the market's imagination. Additionally, Sui announced partnerships with financial platform xMoney and crypto super app xPortal, planning to launch a Sui-branded virtual Mastercard in Europe.

On the other hand, ETF-related news is also considered one of the important factors driving the rise of Sui. Recently, news about 21Shares establishing a "SUI ETF" statutory trust entity has been widely circulated, although this is actually a somewhat older development.

In addition, Sui Network has received a lot of favourable information in the past month or two, including the Athens Stock Exchange Group completing the technical design for building an on-chain fundraising platform on Sui, and Nautilus launching a verifiable off-chain privacy solution for Sui.

DEX trading volume surges, facing dual pressures

Since April, the DEX trading volume on the Sui network has remained at a high level, especially on March 29, when it reached a historical peak of $998 million. The leading DEX project in the ecosystem, Cetus Protocol, has driven the growth of the entire ecosystem, with its trading volume increasing by 84.5% in the past week. Another significant contributor is Kriya, which contributed $780 million in trading volume on March 29.

The surge in trading volume of these two DEXs is mainly likely due to the airdrop of Walrus. On March 27, the decentralized storage project Walrus released an airdrop, and on that day, the trading volume of the token reached 380 million USD.

The activity of developers is also one of the underlying reasons for the growth of the Sui network. Recently, the code submissions for the Sui network on Github have been quite frequent, maintaining over 500 submissions per week since December 2024, which is far higher than the levels of Solana and Aptos.

However, during the collective carnival of the market, there are several risk points worth noting. First, the token unlock of SUI poses a continuous selling pressure, with tens of millions of tokens being released almost weekly. Secondly, the rise structure of the Sui ecosystem is currently mainly led by Dex or infrastructure projects, but the performance of MEME tokens or application/game projects has not yet been prominent.

Overall, the recent surge of the SUI token and its ecosystem is the result of a combination of market speculation enthusiasm, capital inflow, expectations in the derivatives market, and solid fundamental progress. However, while paying attention to the impressive performance of the Sui price, it is also necessary to be cautious about the selling pressure brought by the continuous unlocking of tokens and to focus on whether its application ecosystem can further thrive and generate truly attractive blockbuster applications for users. This will be key in determining whether Sui can convert its current popularity into long-term value.