The Sui network and its ecosystem have recently captured significant attention, with its native token SUI witnessing a remarkable surge of over 75% in just one week. This impressive performance stands out even in a generally bullish market. Several intertwined factors are behind this dramatic rise—speculative enthusiasm sparked by market rumors, notable shifts in capital flow, and consistent improvements in the ecosystem's fundamentals. In this article, we explore the key catalysts, on-chain data trends, and underlying dynamics fueling this growth.
Capital Inflow and Rising Trading Activity
Over the past few months, on-chain data did not show major capital movements for Sui, with a net outflow of $32 million—a relatively modest figure. Zooming into recent weeks, the chain’s capital flow changes were minimal, not even placing it in the top twenty among public blockchains.
However, a different story emerges when looking at exchange-level data. According to Coinglass, SUI saw现货 inflows of approximately $62.86 million over the past week, ranking fourth among all cryptocurrencies—only behind USDT, ETH, and FUSD. In derivatives markets, several Sui-based tokens like WAL, MEMEFI, and CETUS also made it to the top ten in weekly inflows, indicating heightened trading interest across the ecosystem.
Open interest for SUI futures contracts also saw a sharp uptick. Starting April 21, the total open interest surged from $700 million to $1.419 billion within a week, nearing its all-time high of $1.5 billion.
Beyond SUI, many tokens within the Sui ecosystem also posted substantial gains. Among those listed on CoinGecko, 35 tokens saw increases exceeding 100% over the week, accounting for 20% of the ecosystem. Furthermore, 37.5% of tokens gained over 50%, signaling broad-based momentum.
From a capital flow perspective, this rally appears to be a collective upswing across the Sui network. While many projects lacked concrete fundamental developments, market activity and price movements were clearly pronounced.
Key Catalysts Behind the Rally
The broader cryptocurrency market began rebounding around April 21, and SUI’s initial upward movement aligned with this trend. Soon after, several bullish narratives emerged—though it's unclear whether these were genuine catalysts or merely contributed to the optimism.
One major rumor involved a potential partnership with Pokémon. Speculation began on April 23 when the Pokémon HOME app updated its privacy policy, listing "Parasol Technologies" as an authorized developer permitted to receive user data. Parasol, a blockchain gaming studio, had been acquired by Mysten Labs—the core development team behind Sui—in March 2025. This connection led to widespread speculation that Pokémon might integrate its IP with the Sui blockchain, possibly through NFTs or blockchain-based collectibles.
It's worth noting that an official Sui Foundation blog post on April 23—announcing Parasol’s upcoming trading card game on Sui—made no mention of Pokémon. However, some users claimed that an earlier version of the post did reference Pokémon NFTs before being edited, further fueling conjecture.
Another significant announcement was a partnership with xMoney and xPortal. On April 24, Sui revealed a collaboration with the financial platform xMoney and the crypto super-app xPortal to launch a Sui-branded virtual Mastercard across Europe. Integrated within the xPortal app—which boasts 2.5 million users—the card allows holders to add it to Apple Pay or Google Pay and spend SUI and other cryptocurrencies at thousands of merchants. A physical card is planned for release later in 2025.
The ETF narrative also played a role. News circulated about 21Shares establishing a "SUI ETF" statutory trust entity. Although this wasn’t new—Delaware corporate records show the "21SHARES SUI ETF" was registered as early as January 7, 2025—the recent attention likely provided additional momentum.
Other developments contributed to the positive sentiment. For instance, the Athens Stock Exchange Group announced on April 16 that it had completed the technical design for an on-chain fundraising platform built on Sui. Around the same time, Nautilus introduced verifiable off-chain privacy solutions for the network, and Canary Capital submitted an application for a SUI ETF.
Overall, these advancements across Web3 gaming, privacy, and developer tools created a compounding effect. Unlike previous cycles where Sui’s growth was driven by single events, this rally appears supported by multiple fundamental improvements.
DEX Volume Surge and Ecosystem Growth
Since the beginning of April, decentralized exchange (DEX) volume on the Sui network has remained elevated. After reaching an all-time high of $998 million on March 29, daily volumes consistently exceeded $400 million on multiple occasions.
Leading the charge was Cetus Protocol, a major DEX in the ecosystem, which saw an 84.5% increase in trading volume over the week. Its native token, CETUS, nearly doubled in value during the same period.
Another major contributor was Kriya DEX. On March 29, the day Sui’s total DEX volume peaked, Kriya accounted for $780 million of the total—a more than 100-fold increase from the previous day’s volume of $7.28 million.
This surge in activity can be largely attributed to an airdrop conducted by Walrus, a decentralized storage project that raised $140 million. On March 27, Walrus distributed its tokens, generating $380 million in trading volume on the first day alone. This event played a significant role in boosting overall network activity.
Developer engagement has also been strong. Since December 2024, code commits to the Sui GitHub repository have consistently exceeded 500 per week—up from earlier averages of around 250. By comparison, networks like Solana and Aptos typically see around 100 weekly commits.
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Potential Risks and Challenges
Despite the bullish momentum, several risks deserve attention. One ongoing concern is token unlocks. SUI faces regular unlock events that release tens of millions of tokens into the market each week, creating consistent sell-side pressure. These unlocks remain a persistent overhang that could impact price appreciation.
Another consideration is the composition of the Sui ecosystem’s growth. Thus far, the rally has been largely led by DEXs and infrastructure projects. Meme tokens and application-layer projects—particularly in gaming and consumer apps—have yet to show standout performance. Most tokens with market caps above $10 million are still early-stage projects.
Metaphorically speaking, if Sui were a city, it would have several malls—decentralized storage, DeFi, gaming—built around projects like Walrus, Deepbook, and Parasol. But these malls still lack "anchor stores"—truly compelling applications that can attract a critical mass of users.
In summary, the recent surge in SUI and its ecosystem stems from a mix of speculative interest, capital inflows, derivatives activity, and tangible progress in development. However, sustaining this momentum will require navigating token unlock pressures and fostering the growth of user-centric applications that can convert short-term excitement into long-term value.
Frequently Asked Questions
What caused the recent price surge of SUI?
The rapid price increase was driven by a combination of factors, including rumors of a Pokémon partnership, increased capital inflow into exchanges, growing open interest in derivatives, and several fundamental developments within the Sui ecosystem.
Is Sui a good investment given the token unlocks?
While the ecosystem shows promise, investors should be aware of regular token unlocks, which can increase selling pressure. It's essential to consider both the growth potential and the tokenomics before making investment decisions.
How does Sui compare to other layer-1 blockchains?
Sui differentiates itself with high throughput, low latency, and a object-centric data model. It has also shown strong recent growth in developer activity and DEX volumes, though it still trails established leaders like Ethereum and Solana in total value locked.
What are the most promising projects on Sui?
Current standout projects include decentralized exchanges like Cetus and Kriya, infrastructure services such as Deepbook, and gaming initiatives like those from Parasol Technologies. The ecosystem is still young, however, and new applications are emerging rapidly.
Can Sui sustain its current growth?
Sustainability will depend on continued developer engagement, user adoption, and the emergence of high-quality applications. While the network is showing strong momentum, it remains vulnerable to market sentiment and broader crypto market cycles.
Where can I trade SUI and other Sui-based tokens?
SUI is listed on most major centralized exchanges. For trading ecosystem tokens, decentralized exchanges on Sui—including Cetus and Kriya—offer a wide range of options. Always use reputable platforms and ensure proper security measures.