Launched in the crypto market on May 3, SUI is already facing difficulties. From the second day indeed, the selling pressure is already weighing on the value of the altcoin. Within a few hours, the price of the token went down. Crypto analysts are worried about the long-term implications of this downtrend, while investors wonder if the selling pressure on SUI will continue.
The altcoin SUI in a nutshell
On May 3, the SUI Layer 1 blockchain was launched on Mainnet. The same is true for its SUI token now available on major crypto exchanges. These include Binance, OKX, KuCoin and Bybit.
SUI is a Layer 1 blockchain which uses a Proof of Stake (PoS) consensus mechanism. This is a project initiated by MystenLabs, founded by Meta engineers. Its main mission: to accelerate the adoption of Web3 on a large scale.
A fanfare launch
As soon as it enters, the blockchain propels SUI into top 100 biggest cryptocurrencies in terms of market capitalization. This enthusiasm is explained by the opportunities offered by a layer 1 blockchain. But not only! SUI’s price potential is also attracting interest from crypto investors. Thus, the altcoin traded at around $2.16 the day of its launch.
A price drop from the second day
The euphoria of the launch and the price increase of SUI were unfortunately only fleeting. From the second day, the altcoin experienced a considerable decline. At the time of writing, the token trades at $1.21 (a drop of 7.7% in the last 24 hours).
The crypto currently boasts a capitalization of $672.23 million. Its 24-hour trading volume is $585.85 million with an outstanding supply of $528.27 million.
Within a few days, the SUI crypto price is already going up and down. However, one thing remains certain: it is an important token. Many already consider it the main rival of Ethereum.
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