Connect with us
Active Currencies 14902
Market Cap $2,227,547,410,290.50
Bitcoin Share 50.90%
24h Market Cap Change $-2.70

Sui experiences a boom and bust in transactions. This is why…

2min Read

Sui Network’s electrifying transaction surge and divergent metrics raise curiosity, while SUI token’s enigmatic trend adds mystery to the thrilling ride.”

Sui experiences boom and bust in transactions for this reason

Share this article

  • Transaction surged to over 65 million before dropping to less than 1 million.
  • Sui’s TVL and volume move in another direction as transactions spike.

In a rollercoaster ride of events, the Sui network witnessed a thrilling ascent, soaring to an all-time high before nosediving recently. Did other metrics and the token price suffer the consequences of this exhilarating drop?

– Is your portfolio green? Check out the Sui Profit Calculator

Sui sees record-high transactions

In recent weeks, the Sui network embarked on a thrilling journey, witnessing an unprecedented surge in transaction volume. The scanner showed an uptrend in daily transaction block numbers that began around 7 July.

The numbers leaped from a modest 200,000 to 500,000 on 6 July, only to catapult to over 6 million the next day. The transactions skyrocketed to over 65.8 million, with the platform and blockchain at an all-time high.

Sui transaction volume

Source: suivision

The driving force behind this spectacular network activity was the launch of SUI 8192, a Web 3 game. The virtual universe of “Bullshark Quests,” crafted by Mysten Labs in partnership with the Sui Foundation, captivated players far and wide. The game allowed players to earn rewards by engaging with diverse applications and completing quests.

However, as all thrilling quests ended, so did the Bullshark Quest. Consequently, the number of transactions witnessed a massive dip, settling at around 720,000 as of this writing.

TVL and volume go the opposite way

Despite the breathtaking transaction surge on the Sui network, the Total Value Locked (TVL) showcased an intriguing divergence. A look at the DefiLlama chart revealed that the TVL was heading in the opposite direction as transactions soared to an all-time high.

The TVL maintained its course with a subtle uptrend and hovered around $14 million as of this writing.

Sui TVL and volume

Source: DefiLlama

Similarly, the volume of activities on the network seemed unimpressed by the transaction’s exhilarating journey. Rather than riding the wave, the volume experienced a slight decline, settling at approximately $2 million as of this writing.

– How much are 1,10,100 SUIs worth today

SUI trend weakens

Even on a daily timeframe, the performance of SUI did not reflect any significant impact from the surge in transactions. Throughout the quest period, the asset mostly remained below the neutral line of the Relative Strength Index (RSI), with only two brief exceptions.

As of this writing, SUI was trading at approximately 0.59, experiencing a loss of over 3%. Its RSI was hovering around 30, indicating a persisting downtrend.

SUI/USD price trend

Source: TradingView


Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.