Investors around the world are in a state of shock after the SUI token suffered a massive 72% drop in value within just 30 minutes of its highly anticipated mainnet launch!Â
Here’s what you need to know about this developing story:
SUI Token’s Initial Price Jump
The SUI token initially saw a massive surge in value, with its price skyrocketing to $2 within minutes of trading. The token’s market cap soared to a staggering $675 million, leaving investors optimistic about its future prospects.
SUI Token’s Abrupt Crash
However, the token’s price soon plummeted to a dismal $0.56, wiping out much of its value within just half an hour. The sudden drop in value has left investors reeling and wondering what led to such a dramatic crash.
SUI Team’s Request to Exchanges
Colin Wu reported that the SUI team had requested major crypto exchanges, including Binance, OKX, Bybit, and KuCoin, not to launch a perpetual contract of the token. This led to a delay in the launch of futures contracts, leaving investors with more questions than answers.
What is SUI Token?
The SUI network is a layer-1 blockchain and smart contract platform designed to increase Web3 adoption through high scalability and fast speeds. Unlike Bitcoin and Ethereum, the SUI platform relies on delegated proof-of-stake consensus mechanisms. At the time of writing, the token is trading at $1.29, with a fully diluted market capitalization of around $13 billion.
What’s Next for SUI Token?
Investors are now left wondering what led to the massive drop in value for the much-anticipated token. Will the SUI network be able to recover from this setback and win back the trust of its investors? Only time will tell.
