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Traders all over the world 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 it is advisable to learn about this creating story:
SUI Token’s Preliminary Value Bounce
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 buyers 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 buyers 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 buyers with extra questions than solutions.
What’s SUI Token?
The SUI community is a layer-1 blockchain and good contract platform designed to extend Web3 adoption by excessive scalability and quick speeds. Not like 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 huge drop in worth for the much-anticipated token. Will the SUI community have the ability to recuperate from this setback and win again the belief of its buyers? Solely time will inform.
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