- Transaction surged to over 65 million before dropping to less than 1 million.
- Sui’s TVL and volume move in another direction as transactions spike.
In a rollercoaster ride of events, the Sui network witnessed a thrilling ascent, soaring to an all-time high before nosediving recently. Did other metrics and the token price suffer the consequences of this exhilarating drop?
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Sui sees record-high transactions
In recent weeks, the Sui network embarked on a thrilling journey, witnessing an unprecedented surge in transaction volume. The scanner showed an uptrend in daily transaction block numbers that began around 7 July.
The numbers leaped from a modest 200,000 to 500,000 on 6 July, only to catapult to over 6 million the next day. The transactions skyrocketed to over 65.8 million, with the platform and blockchain at an all-time high.
Source: suivision
The driving force behind this spectacular network activity was the launch of SUI 8192, a Web 3 game. The virtual universe of “Bullshark Quests,” crafted by Mysten Labs in partnership with the Sui Foundation, captivated players far and wide. The game allowed players to earn rewards by engaging with diverse applications and completing quests.
However, as all thrilling quests ended, so did the Bullshark Quest. Consequently, the number of transactions witnessed a massive dip, settling at around 720,000 as of this writing.
TVL and volume go the opposite way
Despite the breathtaking transaction surge on the Sui network, the Total Value Locked (TVL) showcased an intriguing divergence. A look at the DefiLlama chart revealed that the TVL was heading in the opposite direction as transactions soared to an all-time high.
The TVL maintained its course with a subtle uptrend and hovered around $14 million as of this writing.
Source: DefiLlama
Similarly, the volume of activities on the network seemed unimpressed by the transaction’s exhilarating journey. Rather than riding the wave, the volume experienced a slight decline, settling at approximately $2 million as of this writing.
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SUI trend weakens
Even on a daily timeframe, the performance of SUI did not reflect any 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), with only two brief exceptions.
As of this writing, SUI was trading at approximately 0.59, experiencing a loss of over 3%. Its RSI was hovering around 30, indicating a persisting downtrend.
Source: TradingView