The Rise and Fall of Sui Token: A Closer Look
The price of Sui token (SUI) has faced a challenging month, dropping to a one-month low of around $0.46 on Aug. 18 amidst a downtrend in the crypto market. However, an increase in social activity has caused a 6.7% rise in SUI’s price over the past 24 hours. This surge in social dominance is the first of its kind since mid-May 2023.
- SUI’s social dominance has grown by 200% in the past 24 hours.
- Total Open Interest (OI) for SUI has dropped from $771 million to $604 million in the last three days.
- Development activity on the Sui network has consistently declined by 11% since the start of August.
- SUI is currently trading at $0.577 with a market capitalization of $417 million.
- Only 7.23% of SUI tokens have been circulated, with 10 billion Sui coins set to be released by March 2031.
Despite allegations of the Sui Foundation dumping staking rewards on Binance, the Sui team has denied these claims and has reaffirmed their commitment to maintaining locked tokens, staking rewards, and non-circulating coins.
Hot Take: While SUI’s recent social dominance and trading volume surge are promising, its declining development activity and high percentage of uncirculated tokens may hamper its long-term growth.
By
By
By
By
By