The Sui ecosystem has experienced significant rise, with multiple factors driving the pump trend.

Recently, the Sui ecosystem has experienced a remarkable rise, with its governance token rising over 75% in a week, far exceeding the market performance during the same period. Behind this phenomenon are multiple intertwined factors, including speculative enthusiasm triggered by market rumors, significant changes in capital flows, and the continuous improvement of the ecosystem's fundamentals.

Fund 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 amount is relatively not high. However, the capital flow performance of exchanges is more active. Data shows that the spot capital inflow of SUI reached 62.86 million USD in the past seven days, ranking fourth among all cryptocurrencies. At the same time, several ecological tokens of the Sui network have entered the top ten in the contract capital inflow ranking, reflecting the capital activity of the Sui ecosystem.

The contract holdings of SUI tokens have been rapidly rising since April 21, increasing from $700 million to $1.419 billion within a week, approaching the previous high of $1.5 billion. Most tokens in the Sui ecosystem also experienced significant pumps during this week, with 20% of the tokens rising over 100% and 37.5% of the tokens rising over 50%.

Market Sentiment Drivers

Multiple positive news have boosted market sentiment. These include:

1. Pokémon collaboration rumors: Originated from the Pokémon HOME app update privacy policy, listing Sui-related companies as authorized developers.

2. Payment Cooperation: Sui announces a partnership with a financial platform to launch the Sui-branded virtual Mastercard in Europe.

3. ETF-related news: The information about the statutory trust entity of the "SUI ETF" established by 21Shares has been refocused by the market.

4. Other progress: including collaboration with the Athens Stock Exchange Group, launch of privacy solutions, etc.

These advancements cover multiple areas such as Web3 gaming, privacy, and development environments, forming an overall favorable outlook.

DEX trading volume rise

Since April, the DEX trading volume of the Sui network has remained high, having reached a historical daily trading volume peak of $998 million. Major DEX projects within the ecosystem, such as Cetus Protocol and Kriya, contributed a significant amount of trading volume. Especially at the end of March, the airdrop event of the Walrus project drove a surge in the overall network trading volume.

Development activities rise

GitHub data shows that the code submission frequency of the Sui network has significantly increased since December 2024, maintaining over 500 submissions per week, far exceeding similar public chain projects.

Potential Risk Factors

Despite the generally optimistic market outlook, there are still some potential risks:

1. Token unlock pressure: Continuous unlocking of SUI tokens may bring selling pressure.

2. The ecological structure needs improvement: currently, the rise is mainly led by DEX and infrastructure projects, while application and gaming projects have not yet stood out.

3. Lack of "killer" applications: There has yet to be a star project that can attract a large number of users.

Outlook

The recent rise of the Sui ecosystem reflects the combined effects of market speculation enthusiasm, capital inflow, and fundamental progress. However, long-term development still needs to be cautious of the pressure brought by token unlocks and to focus on whether the application ecosystem can further flourish. The ability to create truly attractive blockbuster applications for users will be a key factor in determining whether Sui can convert the current hype into long-term value.