SUI price rises despite negative market trends
Sui token’s (SUI) price has struggled over the past month, falling to a one-month low of around $0.46 on Aug. 18 as almost the whole crypto market turned red.
However, as the asset’s social activity grew, SUI’s price turned green, recording a 6.7% rise over the past 24 hours. According to Santiment, the Sui token’s social dominance surged by 200% in the past 24 hours — this happened for the first time since mid-May 2023.
On the other hand, the asset’s total Open Interest (OI) has dropped from $771 million to $604 million over the past three days. Per Santiment, SUI’s total OI suddenly rose from $469 million on Aug. 16 to $702 million on Aug. 17.
According to data provided by the market intelligence platform, the development activity of the Sui network has been consistently dropping since the start of August — marking an 11% fall in the mentioned timeframe.
Moreover, Sui is trading at $0.577 with a $417 million market capitalization at the time of writing. The recent rise came thanks to the 112% surge in the token’s 24-hour trading volume, reaching $294 million.
It’s important to note that only 7.23% of SUI tokens have been circulated. According to data provided by DeFi Llama, 10 billion Sui coins will be released until March 2031 to avoid high volatility.
On June 27, an individual with the Twitter handle “DefiSquared” claimed that Sui Foundation was dumping its staking rewards on Binance. Soon, the team behind Sui denied the allegations while refuting any ditching transactions — staking rewards, locked tokens, and non-circulating coins.
