Buyers around the globe are in a state of shock after the SUI token suffered a large 72% drop in worth inside simply half-hour of its extremely anticipated mainnet launch!
Right here’s what you have to learn about this growing story:
SUI Token’s Preliminary Worth Soar
The SUI token initially noticed a large surge in worth, with its value skyrocketing to $2 inside minutes of buying and selling. The token’s market cap soared to a staggering $675 million, leaving traders optimistic about its future prospects.
SUI Token’s Abrupt Crash
Nonetheless, the token’s value quickly plummeted to a dismal $0.56, wiping out a lot of its worth inside simply half an hour. The sudden drop in worth has left traders reeling and questioning what led to such a dramatic crash.
SUI Staff’s Request to Exchanges
Colin Wu reported that the SUI group had requested main crypto exchanges, together with Binance, OKX, Bybit, and KuCoin, to not launch a perpetual contract of the token. This led to a delay within the launch of futures contracts, leaving traders with extra questions than solutions.
What’s SUI Token?
The SUI community is a layer-1 blockchain and sensible contract platform designed to extend Web3 adoption by way of excessive scalability and quick speeds. In contrast to Bitcoin and Ethereum, the SUI platform depends on delegated proof-of-stake consensus mechanisms. On the time of writing, the token is buying and selling at $1.29, with a completely diluted market capitalization of round $13 billion.
What’s Subsequent for SUI Token?
Buyers are actually left questioning what led to the large drop in worth for the much-anticipated token. Will the SUI community be capable to get better from this setback and win again the belief of its traders? Solely time will inform.
