- SUI token is struggling to recover from its lowest price.
- SUI fell below the $1 support line.
- The Sui Network recently celebrated its one-year anniversary.
SUI, the native token of the Sui ecosystem, has had an impressive start to the year, doubling its starting value and hitting new highs. However, the situation changed on May 12, 2024, when the token suffered a sharp decline and reached bottom, after which small recovery gains were expected.
However, optimism about a rebound for SUI was cut short as prospects were further diminished and the token is currently hitting new lows.
SUI plummets to $0.9
According to CoinMarketCap Currently teetering at $0.995, SUI is down about 6% in the last 24 hours, according to data from Thursday, May 9th. The token’s current trading price is at its lowest in a week, down about 14% from its high of $1.141.
The poor performance marks SUI’s third consecutive week of losses, with the token down a whopping 40% in the past 30 days. The downward trend, triggered by geopolitical tensions between Israel and Iran, dashed initially raised hopes that SUI would regain the $2 mark and surpass its all-time high of $2.18.
Sui’s downward trend is caused by its vulnerability to negative market trends and its inability to recover quickly. Additionally, the continued decline portends choppy flows for the native token, reflecting a broader downturn across the market.
However, SUI’s price decline contrasts with greater activity across the ecosystem.
sui celebrates anniversary
On May 2, 2024, Sui Network celebrated its one-year anniversary as a Layer-1 solution focused on digital asset ownership.
Looking back on the journey, Sui highlighted milestones over the past year, including a total value locked (TVL) of $720 million and the rise of the native token since inception. The network also announced a new collaboration with Google Cloud that will provide sophisticated analytics tools and advanced Web3 innovations to ecosystem developers.
As of press time, Sui’s total value locked (TVL) is $643.5 million, securing the 13th spot, surpassing chains such as Cardano, Aptos, and Pulsechain.
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Sui Network clears suspicions about supply of ‘Shady’ tokens
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