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The Sui network recently experienced an exhilarating series of events, marked by a significant increase in transaction volume. Daily transaction block counts surged from a modest 200,000 to over 6 million in just one day, spurred by the launch of the Web 3 game “Bullshark Quests.” This game, created by Mysten Labs in collaboration with the Sui Foundation, engaged players and resulted in an astonishing number of transactions, peaking at over 65.8 million.
However, following the conclusion of Bullshark Quest, the transaction numbers plummeted sharply, stabilizing at approximately 720,000. In spite of this thrilling transaction spike, other indicators on the Sui network exhibited contrasting trends.
The Total Value Locked (TVL) within the network showed an interesting divergence, moving in the opposite direction as transactions surged. The TVL maintained a slight upward trend, remaining around $14 million.
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Likewise, the volume of activities on the network saw a minor decrease, settling at about $2 million.
Even on a daily basis, the performance of the SUI token did not demonstrate a notable effect from the transaction surge. During the quest period, the asset predominantly stayed below the neutral line of the Relative Strength Index (RSI), indicating a downward trend.
At the time of this writing, the SUI token was trading at approximately 0.59, reflecting a decline of over 3%, with its RSI around 30, suggesting that the downtrend continues.
While the recent journey of the Sui network was filled with excitement and expansion, the aftermath of the Bullshark Quest saw some metrics and token price fluctuations. Investors and users will now closely monitor the network’s forthcoming actions to observe how it navigates this eventful period and determines its future direction.
The post Sui Experiences a Boom and Bust in Transactions. This is why appeared first on BitcoinWorld.
