SUI Token Crash Heavily Amidst Mainnet Launch – Is The Hype Cooled Down

Traders all over the world are in a state of shock after the SUI token suffered an enormous 72% drop in worth inside simply half-hour of its extremely anticipated mainnet launch! 

Right here’s what it’s essential to find out about this growing story:

SUI Token’s Preliminary Value Leap

The SUI token initially noticed an enormous surge in worth, with its worth skyrocketing to $2 inside minutes of buying and selling. The token’s market cap soared to a staggering $675 million, leaving buyers optimistic about its future prospects.

SUI Token’s Abrupt Crash

Nonetheless, the token’s worth 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 buyers reeling and questioning what led to such a dramatic crash.

SUI Group’s Request to Exchanges

Colin Wu reported that the SUI staff 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 buyers 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 via 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?

Traders 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 well from this setback and win again the belief of its buyers? Solely time will inform.