Multiple drivers behind Sui’s rise: from Pokémon collaboration rumors to DEX trading volume surge

Creator: Frank, PANews

Lately, Sui governance tokens and their ecosystem have skilled a exceptional surge, with the SUI token itself rising by greater than 75% in per week, far exceeding the market efficiency throughout the identical interval. Behind this phenomenon are advanced driving components, together with speculative enthusiasm attributable to market rumors, vital adjustments in capital flows, and continued enchancment within the fundamentals of the ecosystem. On this article, PANews deeply analyzes the capital traits, key information catalysts, on-chain information efficiency, and potential dangers of this spherical of SUI’s rise, and strives to totally interpret the logic behind this ecological carnival.

Sizzling cash poured into the alternate, and contract positions surged

Judging from the on-chain fund circulation in latest months, Sui’s fund adjustments aren’t apparent. In a three-month interval, Sui’s funds confirmed a web outflow of 32 million US {dollars}, which isn’t a excessive quantity. Additional statement of the on-chain fund circulation adjustments up to now month and the previous week exhibits that Sui’s fund circulation has modified little or no, and it has not even ranked within the prime 20 amongst public chains.

Nonetheless, when it comes to the circulation of funds within the alternate, the inflow of funds into the Sui ecosystem is extra apparent. In accordance to Coinglass information, up to now seven days, the influx of spot funds into SUI reached 62.86 million US {dollars}, rating fourth amongst all currencies, second solely to USDT, ETH, and FUSD. Within the rating of funds influx of contracts up to now seven days, a number of ecological tokens of the Sui community, corresponding to WAL, MEMEFI, and CETUS, additionally ranked among the many prime ten, which additional displays the activeness of funds within the Sui ecosystem.

When it comes to the contract’s place information, the holdings of SUI tokens started to surge on April 21, growing from US$700 million to US$1.419 billion in only one week. This determine is already shut to the earlier excessive of US$1.5 billion.

As well as to SUI, most tokens in its ecosystem additionally noticed a pointy rise inside per week. Among the many Sui ecosystem tokens included in Coingecko, 35 tokens have elevated by greater than 100% up to now week, accounting for 20% of Sui ecosystem initiatives, and 37.5% of the tokens have elevated by greater than 50%, which might be stated to be a complete bloom.

From the angle of funds, this rise is a complete collective increase to the Sui ecosystem. Though most initiatives haven’t made any precise optimistic progress, the value fluctuations available on the market are very apparent.

Multiple optimistic components increase market sentiment

On April 21, virtually all mainstream tokens started to rebound synchronously. Sui’s preliminary rebound additionally began with the rhythm of the market, after which plenty of excellent news got here out. Nonetheless, it’s tough to affirm whether or not these information are the “engine” of Sui’s surge or a “smoke bomb” launched to cooperate with the value improve.

On the one hand, Sui has been rumored to have a number of ecological cooperation. For instance, the rumor of Pokémon cooperation: the rumor started on April 23, 2025, when the Pokémon HOME app up to date its privateness coverage and listed “Parasol Applied sciences” as one of many licensed builders allowed to obtain person information. Parasol Applied sciences is a blockchain recreation studio that was acquired by Sui’s core improvement staff Mysten Labs in March 2025. This direct connection shortly ignited the market’s creativeness, and crypto opinion leaders and social media customers speculated that Pokémon would possibly plan to combine its IP into the Sui blockchain. The market narrative focuses on potential NFT integration or blockchain-based collectibles, and will even be associated to Pokémon HOME’s newly launched “medals” function.

It’s value noting that the Sui Basis’s official weblog submit about Parasol’s launch of a collectible card recreation on Sui, printed on April 23, didn’t point out Pokémon. Nonetheless, a person claimed that an earlier model of the weblog talked about Pokémon NFTs however was subsequently deleted by the editor, additional fueling market hypothesis.

One other instance is the xMoney/xPortal collaboration: On April 24, Sui introduced a partnership with monetary platform xMoney and crypto tremendous app xPortal. The core of this collaboration is the launch of a Sui-branded digital Mastercard in Europe, which is built-in into the xPortal app with 2.5 million customers. Customers can add the digital card to ApplePay or GooglePay and use SUI and different cryptocurrencies to pay at tens of hundreds of retailers, simply as simply as utilizing money. The bodily card is scheduled to be launched later in 2025.

However, the ETF narrative can be thought-about to be one of many vital components driving Sui’s rise. Lately, the information that 21Shares established the “SUI ETF” authorized belief entity was unfold. This information is definitely not a brand new improvement. In accordance to the Delaware firm registration info, the “21SHARES SUI ETF” authorized belief entity No. 10058451 was established on January 7, 2025, and the registration sort is a normal authorized belief. With the latest publicity of this information, it appears to present assist for the rise of SUI.

As well as, there have been plenty of excellent news in regards to the Sui community up to now one or two months. For instance, the Athens Inventory Trade Group introduced on April 16 that it had accomplished the technical design of constructing an on-chain fundraising platform on Sui; Nautilus launched a verifiable off-chain privateness resolution for Sui on April 15; Canary Capital submitted an software for the SUI ETF, and so forth.

Normally, Sui’s latest progress in Web3 video games, privateness, improvement atmosphere and different fields has introduced collectively a optimistic general scenario. On this regard, it’s totally different from Sui’s earlier outbreak attributable to a single message.

The airdrop occasion led to a surge in DEX trading volume, dealing with the twin stress of token unlocking and software building

Since April, the DEX transaction volume of the Sui community has remained at a excessive degree, particularly on March 29, when it hit a historic peak of US$998 million, after which exceeded US$400 million in each day transaction volume for a lot of days. The main DEX undertaking within the ecosystem, Cetus Protocol, has pushed the expansion of all the ecosystem, with its transaction volume growing by 84.5% up to now week, and the token CETUS has almost doubled in per week.

As well as, one other vital contributor is Kriya. On March 29, when Sui community transaction volume broke the file, Kriya contributed $780 million, accounting for a major share of the day’s transaction volume. This determine elevated greater than 100 instances in contrast to $7.28 million the day earlier than.

Taken collectively, the trading volume of those two DEXs skyrocketed on March 28, and the primary motive could be the surge in trading volume attributable to the Walrus airdrop. On March 27, the decentralized storage undertaking Walrus, which raised $140 million in financing, launched an airdrop, and the trading volume of the token reached $380 million on the identical day. This can be the primary motive for the latest improve in trading volume on the Sui community.

As well as, the activeness of builders can be one of many underlying causes for the expansion of the Sui community. On Github, the code submission of the Sui community has additionally been comparatively frequent just lately. Beginning from December 2024, the frequency of code submission of the Sui community has reached a peak, principally sustaining greater than 500 instances per week, whereas the earlier information was principally maintained at round 250 instances. Compared, the code submission frequency of Solana and Aptos is principally maintained at round 100.

Nonetheless, within the strategy of the market’s collective carnival, there are nonetheless a number of threat factors which may be value noting. On the one hand, the unlocking of SUI tokens is a steady promoting stress, and tens of hundreds of thousands of tokens are launched principally each week, making it the biggest provider available in the market. These unlocked tokens are at all times a time bomb within the rising cycle of SUI tokens.

However, the rising construction of Sui ecology is at the moment primarily led by Dex or infrastructure initiatives, however MEME tokens or purposes/video games haven’t but carried out effectively, and tokens with a market worth of greater than 10 million are nonetheless principally early initiatives. From this angle, if Sui is in contrast to a metropolis, on this metropolis, purchasing malls with themes corresponding to decentralized storage, DeFi, and video games are constructed round initiatives corresponding to Walrus, Deepbook, and Parasol. Nonetheless, these purchasing malls are nonetheless missing some “Web celeb retailers” to additional appeal to large-scale customers to enter the market.

From this perspective, the latest surge within the SUI token and its ecosystem is the results of market hypothesis, capital inflow, expectations of the contract market, and strong elementary progress. Nonetheless, whereas paying consideration to the excellent efficiency of Sui costs, we should even be cautious of the promoting stress introduced by the continual unlocking of tokens, and concentrate to whether or not its software ecosystem can additional prosper and provides delivery to common purposes that actually appeal to customers. This would be the key to figuring out whether or not Sui can rework its present recognition into long-term worth.