Sui coin loses 70% despite mainnet going live

Sui Foundation launched its Layer 1 blockchain and smart contract platform with a successful token sale on KuCoin, OKX, and Bybit. Meanwhile, the SUI token price has experienced a 70% pullback after hitting a 24-hour high of $2. 

The Sui Foundation announced the launch of the Sui mainnet. The team describes the protocol as a revolutionary layer-1 blockchain and smart contract platform designed to provide fast, secure, and accessible digital asset ownership to everyone. 

Sui is designed to bring the power of digital asset ownership to the masses, enabling fast, secure, and private transactions for everyone. By leveraging innovative technologies and protocols, Sui is paving the way for a new era of decentralized finance (DeFi) that is accessible, user-friendly, and built on the principles of transparency and trust.

The Sui community, with over 750,000 members, is already excited over the endless possibilities the new blockchain offers. To support the advancement of the ecosystem, the Sui Foundation has launched a token sale on leading exchanges, including KuCoin, OKX, and Bybit. 

The total allocation for the token sales amounts to around 5.4% of the total issuance of 10 billion SUI, with the amount raised estimated to be around $47.82 million. 

The SUI token sale started sequentially in April, and token holders can unlock their tokens monthly for a year. A user on Twitter thinks that the Sui Foundation’s “airdrop did not go as planned, but many users still made their first $1,000 to $2,000 because of their persistence and consistency”. 

Sui’s launch marks a milestone in advancing blockchain technology, providing users with actual digital asset ownership and enabling decentralized applications (dApps) and transactions. With the foundation’s support, builders and developers can build freely without being inhibited by complex infrastructure. 

SUI hits $2

According to data from CoinGecko, the current price of SUI is $1.37, which is significantly lower than a 24-hour high of $2. The SUI market cap is $718,707,253, with a maximum supply of 10,000,000,000 and a circulating supply of 528,273,718. 

As expected, the price of SUI has been volatile since its launch, with significant fluctuations in lower time frames. However, it has seen significant growth in value since its launch, and it remains to be seen how it will perform in the long term.