The Sui ecosystem is experiencing a comprehensive pump, driven by multiple factors that are boosting market enthusiasm.

Recently, the Sui ecosystem has experienced a remarkable comprehensive pump. The SUI token itself rose more than 75% in a week, far exceeding the market performance during the same period. Behind this phenomenon are complex interwoven driving factors, including speculative enthusiasm triggered by market rumors, significant changes in capital flow, and continuous improvements in the ecosystem's fundamentals. This article delves into the capital trends of SUI's recent pump, key news catalysts, on-chain data performance, and potential risks, striving to comprehensively interpret the logic behind this ecological carnival.

Capital Flow Analysis: Hot Money Floods into Exchanges, Contract Positions Surge

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, which is not a high amount. In the on-chain capital flow changes over the past month and week, Sui's capital movement has been even more minimal, not even ranking in the top twenty among public chains.

However, in terms of capital flow on the exchange, the influx of funds into the Sui ecosystem is quite significant. Data shows that over the past seven days, the spot capital inflow of SUI reached 62.86 million USD, ranking fourth among all cryptocurrencies, only behind USDT, ETH, and FUSD. Furthermore, in the capital inflow leaderboard for contracts over the past seven days, several ecological tokens from the Sui network, such as WAL, MEMEFI, and CETUS, have also made it into the top ten, further reflecting the active capital flow within the Sui ecosystem.

In the contract position data, the holdings of SUI tokens have experienced a surge since April 21, increasing from 700 million to 1.419 billion in just one week, a figure that is nearing the previous high of 1.5 billion.

Apart from SUI, most tokens in its ecosystem have also seen a significant pump within a week. Among the recorded Sui ecosystem tokens, 35 tokens have risen over 100% in the past week, accounting for 20% of Sui ecosystem projects, and 37.5% of the tokens have seen a rise of over 50%, which can be described as a full bloom.

From a financial perspective, this pump is a collective rise for the Sui ecosystem as a whole. Although most projects have not made any significant positive progress, the price fluctuations on the market are quite evident.

Multiple positive factors boost market sentiment

On April 21, almost all mainstream tokens began to rebound synchronously. The initial rise of Sui also started in rhythm with the broader market, followed by a number of positive news releases. However, it is difficult to confirm whether this news is the "engine" behind Sui's significant rise or just a "smokescreen" released to coordinate the price increase.

On one hand, Sui has released multiple ecological cooperation news. For example, there are rumors of a collaboration with a well-known game IP: this rumor began on April 23, 2025, when a game application updated its privacy policy, listing "Parasol Technologies" as one of the authorized developers allowed to receive user data. Parasol Technologies is a blockchain game studio that was acquired by Sui's core development team in March 2025. This direct connection quickly ignited the market's imagination, with crypto opinion leaders and social media users speculating about a possible plan to integrate its IP into the Sui blockchain. The market narrative focuses on potential NFT integration or blockchain-based collectibles, and it may even relate to the game's newly launched "medal" feature.

For example, the partnership between xMoney/xPortal: On April 24, Sui announced a collaboration with the financial platform xMoney and the crypto super app xPortal. The core of this partnership is to launch a Sui-branded virtual Mastercard in Europe, which is integrated within the xPortal application that has 2.5 million users. Users can add this virtual card to mobile payment tools and use SUI and other cryptocurrencies for payments at tens of thousands of merchants, just as conveniently as using cash. The physical card is planned to be launched later in 2025.

On the other hand, the ETF narrative is also considered one of the important factors driving the rise of Sui. Recently, news has spread about an asset management company establishing a "SUI ETF" statutory trust entity. This news is actually not a new development; according to the Delaware company registration information, the "SUI ETF" statutory trust entity, with registration number 10058451, was established on January 7, 2025, and is registered as a common statutory trust. With this news being exposed recently, it seems to also support the rise of SUI.

In addition, the Sui network has received a number of positive news in the past month or two, such as a certain securities exchange group completing the technical design for building an on-chain fundraising platform on Sui; a certain project launching a verifiable off-chain privacy solution for Sui on April 15; and a certain capital submitting an application for a SUI ETF, among others.

Overall, Sui has recently made progress in multiple areas such as Web3 gaming, privacy, and development environments, which comes together to form a favorable overall outlook. In this regard, it differs from the previous single messages from Sui that triggered a surge.

DEX trading volume surges, facing dual pressure from token unlocks and application development.

Since April, the DEX trading volume of the Sui network has consistently remained at a high level, especially on March 29 when it reached a historical peak of $998 million, followed by several days of daily trading volume exceeding $400 million. The leading DEX project within the ecosystem has driven the growth of the entire ecosystem, with its trading volume increasing by 84.5% in the past week, and the token also nearly doubling in a week.

In addition, another important contributor is a certain DEX project, which contributed $780 million on the day of March 29 when the trading volume of the Sui network broke records, accounting for a significant share of that day's trading volume. This figure represents an increase of more than 100 times compared to the previous day's $7.28 million.

In combination, the trading volume of these two DEXs surged on March 28, mainly due to the airdrop of a certain project that led to a spike in trading volume. On March 27, a decentralized storage project that raised 140 million USD announced an airdrop, and on the same day, the trading volume of that token reached 380 million USD. This may have become the main reason for the recent rise in trading volume on the Sui network.

In addition, the activity of developers is also one of the underlying reasons for the growth of the Sui network. Recent code submissions on Github for the Sui network have been quite frequent; starting from December 2024, the frequency of code submissions for the Sui network peaked, maintaining at over 500 times per week, while the previous data was around 250 times. In comparison, the code submission frequency for other public chains is generally around 100.

However, during the collective carnival of the market, there are still several risk points that may be worth noting. On one hand, the token unlock of SUI is a continuous selling pressure, with tens of millions of tokens released almost every week, making it the largest supplier in the market. These unlocked tokens are always an unpredictable bomb in the rising cycle of SUI tokens.

On the other hand, 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. At the same time, tokens with a market capitalization of over 10 million are basically still early projects. From this perspective, if we compare Sui to a city, in this city, some "shopping malls" have been built around themes such as decentralized storage, DeFi, and gaming. However, these shopping malls currently lack some "popular merchants" to further attract a large number of users to truly enter.

From this perspective, the recent surge of the SUI token and its ecosystem is the result of market speculation enthusiasm, influx of funds, expectations in the derivatives market, and solid fundamental progress. However, while paying attention to the impressive performance of the Sui price, we must also be wary of the selling pressure brought about by the continuous unlocking of the token, and focus on whether its application ecosystem can prosper further and give birth to truly attractive blockbuster applications for users. This will be key in determining whether Sui can convert its current popularity into long-term value.