In the crypto market, the launch day is often a decisive moment. And in the case of Sui Token, the much-anticipated digital currency skyrocketed on its debut, instantly drawing attention and intrigue from around the world. When the Sui Network mainnet went live recently, the token saw immediate action and surged north significantly, beating traders’ expectations. However, a sharp correction is often followed by a rapid rise as analysts predict a downtrend for the Sui token in the coming hours.
List of major crypto exchanges yield $2 high
Major global exchanges have started trading the Sui (SUI) token, coinciding with the launch of the Sui Network on the mainnet on May 3. The Sui Foundation confirmed that the mainnet went live at exactly 12:00 UTC and received the support of several leading crypto platforms that facilitated trading of the newly introduced SUI token.
Binance, one of the largest crypto exchanges, has made rapid strides to launch SUI trading shortly after its mainnet launch. Users on the platform will have the option to trade SUI against prominent cryptocurrencies, such as Bitcoin and Tether, starting at 12:15 AM UTC. In addition, the exchange will allow transactions between SUI, euros and Turkish liras.
Several other major exchanges, including Huobi, KuCoin, ByBit, OKX, and Poloniex, have also announced their plans to list the SUI token. In particular, KuCoin aims to offer SUI/USDT margined futures and an isolated margin trading pair, SUI/USDT, subject to meeting liquidity requirements.
Poloniex further emphasized that the total supply of SUI tokens was capped at 10 billion, underlining the scarcity and potential value of the digital asset.
Sui’s developers had assured users of fast transaction processing, yet on Wednesday; the blockchain explorer data only revealed an average of four transactions per second (4tps). In contrast, Aptos delivers a more impressive speed of nine transactions per second. In particular, Sui’s path to decentralization has faced numerous challenges, and it could soon lead to diminished interest in the community.
What is the current potential of Sui Token?
Sui Network tokens skyrocketed to $2 each within just minutes of starting trading at 12:00 UTC on Wednesday, as recent data shows. The tokens’ market cap rose to an impressive $690 million at the time of reporting, while their fully diluted valuation (FDV) rose to a remarkable $13 billion.
As of Wednesday, validators have pledged more than 4.2 billion SUI tokens to the Proof of Stake (PoS) blockchain network, according to data from blockchain explorers. These validators play a vital role in maintaining the security of the network and ensuring the accurate processing of new transactions.
Currently, the Sui Token is trading at $1.26, which is down from the high of $2. Analyzing the daily price chart, the Sui Token is currently in correction mode and could experience intense volatility for a few more hours.
