Sui Network Sees Sudden Growth, SUI Soars 15% During The Day. Why?

Key Points:

  • Sui Network’s daily transactions skyrocketed by over 50 times in two weeks.
  • The surge is driven by the popularity of the blockchain game Sui 8192, where each move is recorded as a transaction.
  • Sui Network surpasses Solana in daily transactions and holds a market capitalization of around $500 million.
The Sui Network, a blockchain platform, has witnessed an unprecedented surge in daily transactions, marking a significant milestone for the network.
Sui Network Sees Sudden Growth, SUI Soars 15% During The Day. Why?

Just four days ago, the daily transactions on the Sui Network surpassed 22.2 million, representing an astounding increase of over 50 times compared to the previous two weeks. This surge in activity has been primarily attributed to the popularity of a blockchain-based game called Sui 8192.

Sui Network Sees Sudden Growth, SUI Soars 15% During The Day. Why?
Sui’s daily transaction blocks. Source: Artemis

Sui 8192, developed by the team behind the Sui-native Ethos Wallet, has emerged as a major driving force behind the surge in network activity.

The game draws inspiration from the well-known 2048 puzzle game but adds a unique twist by leveraging blockchain technology. Players are tasked with strategically shifting and combining tiles using arrow keys, with the ultimate goal of reaching the coveted 8192 tile.

What sets Sui 8192 apart is that each move made during gameplay is recorded as a transaction on the Sui blockchain, akin to the creation of a non-fungible token (NFT). As a result, players are required to pay gas fees for every transaction, leading to a substantial increase in daily activity on the Sui Network.

Sui Network Sees Sudden Growth, SUI Soars 15% During The Day. Why?

This remarkable growth in users and transactions has propelled the Sui Network ahead of Solana in terms of daily blockchain transactions. Solana, known for its scalability and support for gaming applications, has faced several network outages in recent months and years, allowing Sui to take the spotlight with its impressive surge in network activity. The Sui Network’s architecture and object-based programming language have been cited as crucial factors contributing to the success of Sui 8192 and the overall network’s performance.

Looking at the token metrics, the SUI token currently boasts a market capitalization of nearly $500 million. Additionally, the daily active address count stands at approximately 30,000, underscoring the growing engagement and adoption of the Sui Network.

At the moment, the SUI token is trading at $0.755. Prior to that, SUI spiked to $0.78 with a gain of nearly 15% in the past 24 hours. Currently, the token’s momentary response has yet to see a clear bullish signal as the resistance area at $0.75 is still not fully conquered.

Sui Network Sees Sudden Growth, SUI Soars 15% During The Day. Why?
SUI price chart. Source: TradingView

In terms of future token issuance, the Sui Foundation has provided a detailed plan. The Sui mainnet is scheduled to go live on May 3, 2023. The long-term circulating supply of SUI tokens is set at 10 billion, with approximately 5% of the tokens to be in circulation at the mainnet launch. The remaining tokens will be released according to a proposed schedule, with the full token supply expected to be released by April 2030. The Sui Foundation has emphasized that the timetable may be subject to changes to ensure the network’s stability and vitality.

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The impressive growth of the Sui Network, fueled by the popularity of Sui 8192, highlights the potential of blockchain-based gaming and its impact on network activity. As the Sui Network continues to evolve and attract more users, it is poised to play a significant role in the broader blockchain ecosystem.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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