Sui’s (SUI) mainnet is now live, and its native token is now trading across various exchanges like Binance, Bybit, and others.
The mainnet went live at 12:00 UTC and began trading across major exchanges for less than $2.
SUI is down more than 70%; trading volume surpasses $300M in 30 minutes
The SUI token has declined by 72% in less than 30 minutes to $1.29 after it opened for trading, according to CoinMarketCap data. The token’s trading volume is currently at $336 million as of press time.
The token has a market cap of $284.46 million, according to CoinMarketCap.
On Binance, the token started trading for $2 but rapidly declined to $1.27 as of press time. The exchange’s data showed it already has a trading volume above $200 million USDT.
Binance users had deposited over $4 billion on the exchange within two days to farm the token.
On other exchanges like KuCoin, it is trading for $1.28 with a trading volume of $34 million.
What is Sui?
Sui is a layer1 blockchain network built on Move developed by Mysten Labs. The project had gathered broad interest from the crypto community — raising $300 million in a September 2022 funding round that included bankrupt exchange FTX.
“Sui’s object-centric model, based on its novel architecture, enables parallel transaction processing, sub-second finality (on average, just 480 milliseconds), and rich on-chain assets.”
According to information on its official Twitter handle, the network has 100 globally distributed validators and achieved a peak throughput of nearly 300,000 transactions per second (TPS).
The managing director of the Sui Foundation, Greg Siourounis, said:
“Today is a monumental milestone for the entire Sui community and the digital asset ecosystem as a whole. For the first time, builders and users have access to a Layer 1 blockchain that allows developers to build freely, without being inhibited by complex infrastructure, and unlocks endless possibilities for users across the world.”
Oluwapelumi believes in the transformative power Bitcoin and the blockchain industry hold. He is interested in sharing knowledge and ideas. He covers various topics, from DeFi and hacks to mining and memecoins.
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The 4 most bearish headwinds for BTC
Bitcoin is poised to surmount these challenges, yet the intricate and advanced nature of the existing crypto market could prolong its return to stability.
The cryptocurrency market cap saw net inflows of $17.9 billion over the last 24 hours and currently stands at $1.18 trillion — up 1.5% from $1.16 trillion.
During the reporting period, Bitcoin (BTC) and Ethereum’s (ETH) market cap grew 2% and 2% to $553.45 billion and $224.66 billion, respectively.
The top 10 cryptocurrencies recorded a mixed performance, with Polygon leading the gainers, up 3%. Meanwhile, XRP fell 1.2% to bring up the rear.
The market cap of Tether (USDT) grew to $81.9 billion. In contrast, USD Coin (USDC) and Binance USD (BUSD) fell to $30.23 billion and $6.09 billion, respectively.
Bitcoin
In the last 24 hours, Bitcoin increased 2% to trade at $28,598 as of 07:00 ET. Its market dominance grew to 47% from 46.7%.
During the reporting period, BTC saw a spike that resulted in a local top of $28,870. It has since been trading flat with sell-side bias, finding support around the $28,450 level.
Ethereum
Over the last 24 hours, Ethereum grew 2% to trade at $1,865 as of 07:00 ET. Its market dominance increased to 19.1% from 18.9%.
During the reporting period, ETH’s price action closely followed Bitcoin, topping out at $1,882, leading into a pattern ranging between $1,860 and $1,876.
Top 5 Gainers
RSK Infrastructure Framework
RIF is the day’s biggest gainer, growing 38.5% over the last 24 hours to $0.16079 as of press time. The project will host a Twitter Space on May 5 to discuss product lineup and grants, among other topics. Its market cap stood at $154.36 million.
Stacks
STX gained 18.6% to trade at $0.81805 at the time of writing. Its market cap stood at $1.13 billion.
HEX
HEX grew 11.7% over the last 24 hours to $0.05678 as of press time. Daily transactions on the PulseChain testnet reached 367,000. Its market cap stood at $9.85 billion.
Kaspa
KAS gained 9.1% to $0.02610 over the last 24 hours. The token was a top-five loser yesterday and is down 23.1% over the past month. Its market cap stood at $477.57 million.
aelf
ELF rose 8% to $0.30026 as of press time. The project completed its v1.3.1 upgrade last month. Its market cap stood at $183.73 million.
Top 5 Losers
Radicle
RAD is the day’s biggest loser, falling 23.4% to trade at $3.45441 at the time of writing. The project said it is progressing with its Heartwood upgrade. Its market cap stood at $172.13 million.
UMA
UMA dropped 10.3% to trade at $1.12742. Its market cap stood at $148.14 million.
iExec RLC
RLC fell 8.7% to $1.82744 over the reporting period. The project recently posted an article about its V8 upgrade on Medium. Its market cap stood at $148.02 million.
JOE
JOE fell 5.4% to $0.40485 over the reporting period. The project has a presence at the Avalanche Summit, which takes place in Barcelona between May 3-5. Its market cap stood at $136.21 million.
Space ID
ID plunged 5.1% to trade at $0.59107 as of press time. The token is down 23.6% over the past month. Its market cap stood at $179.97 million.
Samuel is a strong believer in individual autonomy and personal freedom. He is a relative newcomer to the world of cryptocurrency, having first bought Bitcoin in early 2017, but keen to make up for the lost time.
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Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
The 4 most bearish headwinds for BTC
Bitcoin is poised to surmount these challenges, yet the intricate and advanced nature of the existing crypto market could prolong its return to stability.
