Sui network sees a surge in transactions and active addresses, but…

• Transactions on Sui have recently spiked to over 1 million.
• SUI was trading with a gain of close to 1% as the price trend remained flat.

Despite being a newcomer, the Sui network experienced a remarkable surge in its transaction volume as of late. This surge signifies a significant milestone in its growth, with various other indicators also showing positive trends. However, amidst this exciting progress, some metrics appeared unswayed by the impressive developments.

– How much are 1,10,100 SUIs worth today

Sui transactions and active addresses spike

A recent Artemis post unveiled a remarkable surge in transaction activity within the Sui network. Delving deeper into the data, it became apparent that this upward trend began around 4 July, with approximately 400,000 transactions recorded then.

Astonishingly, the number of transactions swiftly soared to over 1 million, and as of this writing, it had surpassed 1.2 million. This surge has propelled the total number of transactions on the network to over 244 million—a staggering increase of over 3,000% within the past 30 days.

Furthermore, the network’s active account count also experienced a noteworthy bump. Around 7 July, the number of active accounts peaked at over 30,000 but has since receded. However, as of this writing, the active account count was over 18,000, surpassing the previous highest recorded number of approximately 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 a captivating game called Game 8192. This exciting game has generated transaction blocks with each play, resulting in a notable increase in transaction activity.

The sheer volume of transactions indicated a substantial influx of enthusiastic players engaging with the game on the network.

3/ What is driving activity?

We’ve observed one application in particular driving 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 flatten

However, examining the new account metric showed that the recent developments did not impact it. According to the Sui Explorer, the new account metric appeared relatively stagnant, displaying a flat trend. As of this writing, the number of new accounts recorded was 87, suggesting limited growth in this aspect. 

Additionally, data from DefiLlama revealed that the Total Value Locked (TVL) on the platform had not experienced any significant increase. As of this writing, the TVL hovered around $13.1 million, with the chart displaying no discernible signs of substantial movement.

– Realistic or not, here’s SUI market cap in BTC’s terms

As of this writing, the trading price of SUI was approximately $0.6, reflecting a modest 0.8% increase in value on a daily timeframe. However, despite this slight price uptick, the overall price trend remained relatively stagnant, highlighting the current lackluster performance of the asset despite the marginal price increase.

Source: TradingView