SUI Token Down 37%, Nears $1 Billion in Volume Following Network Launch

Sui’s mainnet went stay on Wednesday and not using a hitch, catapulting the layer-1 blockchain’s SUI token into the highest 100 largest cryptocurrencies by market cap. But, some merchants are undoubtedly seeing purple as SUI slides on its first day.

Since SUI started buying and selling this morning on crypto exchanges like Binance, OKX, KuCoin, and Bybit, the coin has fallen roughly 37% to $1.37 from $2.16, in accordance with CoinGecko. Its market cap at the moment sits at $716 million, blowing previous meme cash like PEPE. 

In accordance with its totally diluted valuation (FDV), which accounts for the worth of tokens that aren’t but circulating, SUI is valued at an eye-popping $13.7 billion, as of this writing. The blockchain’s complete variety of tokens is capped at 10 billion, and its preliminary circulating provide was round 528 million, equal to five.28% of all tokens. 

The blockchain’s growth workforce Mysten Labs raised $300 million throughout a Sequence B funding spherical final fall at a valuation of $2 billion, in accordance with Crunchbase, signaling a way of buzz regardless of the chills of crypto winter.

The community is constructed round a proof-of-stake mannequin, and its native token is used for staking, paying transaction charges, and taking part within the blockchain’s governance course of.

Main as much as the launch of its mainnet, merchants may get their fingers on SUI in varied methods, whether or not that was by way of a so-called Recognition Sale facilitated by Bybit or farming SUI on Binance’s Launchpad.

KuCoin, OKX, and Bybit additionally participated in a token sale forward of Wednesday, the place they provided 225 million tokens every—notably, U.S.-based merchants had been forbidden. And SUI’s worth at noon Wednesday represented a notable bump in comparison with the token’s pre-sale and preliminary coin providing (ICO) costs of $0.03 and $0.10, respectively.

Hours after Sui’s mainnet went stay, Binance accounted for a lion’s share of the token’s buying and selling quantity, which totaled over $941 million, in accordance with CoinGecko. Binance accounted for round 55% of SUI quantity, adopted by Bybit (16%), OKX (11%), and KuCoin (8%). 

The Sui blockchain goals to ship speedy transactions and improved scalability in comparison with different networks like Ethereum or Solana by leveraging a modified model of Transfer, a programming language that was initially developed by Meta (previously Fb) as a part of the social media big’s failed Diem venture.

The Sui blockchain has drawn comparisons to Aptos, a layer-1 blockchain that went stay final October and has been dubbed a “Solana killer.” Aptos additionally has Meta-based roots and leverages a type of the Transfer programming language.

Whereas many different tokens had been within the purple on Wednesday, Aptos’ APT token was down 2.7% to $9.61, as of this writing, in accordance with CoinGecko. APT’s trajectory seemed much like SUI’s when it first launched, falling 40% when it first launched.