SUI Price Slumps By 72% Amid Mainnet Launch

SUI Token News: Sui Network’s much anticipated mainnet launch finally went live. However, its native token Sui (SUI) price took a major hit as soon as major crypto exchanges opened trading for the token. As per the data, SUI price dropped by a massive 72% since it went live for trading.

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SUI Price Drops Major

As per the data, the SUI price jumped to touch the $2 price level after just a few minutes of trading. The market cap of SUI reached $675 million, at the press time. However, its Fully Diluted Valuation stood at around $12.79 billion.

Earlier, Coingape reported that Binance has decided to launch the SUI token ahead of the launch of its mainnet. The world’s largest exchange stated that it will be listing 6 trading pairs of the token (SUI/BTC, SUI/USDT, SUI/TUSD, SUI/BNB, SUI/EUR, and SUI/TRY).

Colin Wu reported that the SUI official team requested the exchanges including Binance, OKX, Bybit and kuCoin not to launch a perpetual contract of the token. It added that several major exchanges temporarily agreed to meet this demand. There will be a delay in the launch of futures contracts.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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