Blockchain News

Sui Experiences a Boom and Bust in Transactions. This is why

The Sui network recently went on a thrilling rollercoaster of events, witnessing a remarkable surge in transaction volume. Daily transaction block numbers skyrocketed from a modest 200,000 to over 6 million in a single day, driven by the launch of the Web 3 game “Bullshark Quests.” The game, developed by Mysten Labs in partnership with the Sui Foundation, captivated players and led to a staggering number of transactions, peaking at over 65.8 million.

However, as the Bullshark Quest ended, the number of transactions sharply declined, settling at around 720,000. Despite this exhilarating transaction surge, other metrics on the Sui network showed different trajectories.

The Total Value Locked (TVL) in the network displayed an intriguing divergence, heading in the opposite direction as transactions soared. The TVL maintained a subtle uptrend, hovering around $14 million.

Similarly, the volume of activities on the network experienced a slight decline, settling at approximately $2 million.

Even on a daily timeframe, the performance of the SUI token did not reflect a 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), indicating a downtrend.

As of this writing, the SUI token was trading at around 0.59, experiencing a loss of over 3%, with its RSI hovering around 30, suggesting the downtrend persists.

While the Sui network’s recent journey was filled with excitement and growth, the aftermath of the Bullshark Quest witnessed some metrics and token price fluctuations. Investors and users will now closely observe the network’s next steps to see how it weathers this eventful ride and charts its course for the future.


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