Sui Ecosystem Outperforms Altcoin Market

Layer 1 blockchain Sui is significantly outperforming the altcoin market as its native token and ecosystem tokens take off.

SUI is up 73% to a $12 billion market capitalization over the last week, making it the biggest winner among large-cap altcoins. The surge has sparked an ecosystem-wide rally.

DeepBook (DEEP), a centralized limit order book (CLOB) decentralized exchange (DEX), is up 100% over the last seven days on the back of a Binance futures listing, and the concentrated liquidity pool (CLP) DEX Cetus is up 125% in the same period.

The rally in DEX tokens comes alongside a torrid 72 hours of token trading on the chain, with daily volumes reaching as high as $800 million on April 23. For reference, volumes were as low as $215 million on April 20 and $90 million on March 22.

Sui’s outperformance also comes ahead of another potential liquidity injection for the token via the Grayscale SUI Trust. The SUI trust was created in August 2024, but just opened for accredited investors on April 24.

While there isn’t a distinct catalyst for the growth, speculation is mounting around the chain’s possible relationship to the wildly popular Pokémon franchise.

According to an X post, the franchise’s Pokémon HOME app updated its privacy policy, which includes the addition of a new developer, Parasol Technologies LLC. Parasol is a company that builds and integrates video games with the Sui blockchain.

It is worth noting that this privacy policy update is not live on the Pokémon HOME website yet, and is allegedly only live via the mobile application.

Sui users also have a new way to spend their crypto using a virtual MasterCard, after the XPortal wallet integrated the asset on April 24.