- Transactions on Sui have recently risen to over 1 million.
- SUI traded up nearly 1% as price trends remained flat.
Despite being a new entrant, the Sui network has seen a notable increase in transaction volume recently. This strong increase represents an important milestone in growth, while several other indicators also show positive trends. However, amidst this exciting progress, some stats seemed unaffected by the impressive developments.
– How much are 1,10,100 SUIs worth today
Sui transactions and active addresses spike
A recent Artemis post revealed a notable surge in transaction activity within the Sui network. Delving deeper into the data, it becomes clear that this upward trend started around July 4, with around 400,000 trades recorded at that time.
Amazingly, the number of transactions quickly rose to over 1 million, and it had passed 1.2 million at the time of writing. This increase has pushed the total number of transactions on the network to more than 244 million, a staggering increase of more than 3,000% in the past 30 days.
In addition, the number of active accounts of the network also experienced a notable increase. Around July 7, the number of active accounts peaked at over 30,000, but has since declined. However, at the time of writing, the number of active accounts was over 18,000, surpassing the previous all-time high of around 13,000 before the spike occurred.
A possible reason for the transaction spike
In addition, according to Artemis, the surge in transactions on the Sui network can be attributed to the recent launch of an engaging game called Game 8192. This exciting game has been generating transaction blocks with each game, resulting in a notable increase in transaction activity.
The huge number of transactions indicated a significant influx of enthusiastic players engaged in the game on the network.
3/ What is floating activity?
In particular, we observed one application causing a meaningful growth in the transaction block number: game_8192.https://t.co/Gb5V1JeMuC
— Artemis (@Artemis__xyz) July 16, 2023
Sui’s TVL and new accounts level off
However, when examining the new account statistic, it turned out that recent developments had no influence on it. According to the Sui Explorer, the new account metric appeared relatively stable and trended flat. At the time of writing, the number of new accounts registered was 87, indicating limited growth in this area.
In addition, data from Defillama revealed that the Total Value Locked (TVL) on the platform had not experienced a significant increase. At the time of writing, the TVL hovered around $13.1 million, with the chart showing no discernible signs of substantial movement.
– Realistic or not, here is the SUI market cap in terms of BTC
At the time of writing, SUI’s trading price was around $0.6, reflecting a modest 0.8% increase in value on a daily time frame. However, despite this slight price increase, the overall price trend remained relatively stable, highlighting the current mediocre performance of the asset despite the marginal price increase.
Source: TradingView
