April

Read

Sologenic

View

<p class="is-style-lead">Three weeks after its mainnet launch, the sui token (<a href="https://crypto.news/price/sui/">SUI</a>) drops to an all-time low (ATL) as the broader crypto market turns red. </p>



<p>SUI was <a href="https://crypto.news/binance-to-list-sui-as-its-ico-is-expected-to-end-today/">launched</a> on April 18 at an initial coin offering (ICO) event at a starting price of $0.1 per coin. Two weeks later, the layer-1 blockchain’s mainnet was launched, and the token was listed on the largest crypto exchange, Binance, on May 3.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/sologenic-co-founder-criticizes-sec-stand-on-crypto-regulation/" class="cn-block-related-link__link">
            Sologenic co-founder criticizes SEC stand on crypto regulation        </a>

    
</div>


<p>On the day of the Binance listing, SUI suddenly rose to its all-time high (ATH) of $1.71 and has been gradually plunging since then. The ERC-20 token <a href="https://crypto.news/sui-coin-loses-70-despite-mainnet-going-live/">dropped</a> by 70% just one day after its mainnet launch.</p>



<p>Moreover, the sui token is down by 9% in the past 24 hours and trading at roughly $0.97 at the time of writing, marking an all-time low. Sui’s trading volume, however, has risen by 68% over the past day, reaching almost $200 million.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="1008" height="600" src="https://crypto.news/app/uploads/2023/05/SUI-price-May-24.png" alt="SUI price - May 24 | Source: Trading View" class="wp-image-14160602"/><figcaption class="wp-element-caption">SUI price &#8211; May 24 | Source: Trading View</figcaption></figure>



<p>The current drop comes as the global crypto market has suffered notable losses in the past 24 hours. According to <a href="https://coinmarketcap.com/charts/" target="_blank" rel="noopener">data</a> provided by CoinMarketCap (CMC), the total cryptocurrency market capitalization plunged by $21 billion over the past day, dropping from $1.140 trillion to $1.119 trillion.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/reports-suggest-binance-mixed-customer-and-company-funds/" class="cn-block-related-link__link">
            Reports suggest Binance mixed customer and company funds        </a>

    
</div>

SUI drops to all-time low as market turns red

crypto.news

Other articles published on May 24, 2023

European Banks Outpacing U.S. Counterparts

Bybit is ISO 27001 certified, focus on protecting investors

Create more democtratic atmospher in your firm!

Bitcoin Sets to Break Out of Falling Wedge Pattern, Targeting $34,000

Japan Strengthens Anti-Money Laundering Measures for Cryptocurrency Transactions, Effective June 1st

Bitgert Ventures Announces an Investment of $14M in IMOV

Join our free newsletter for daily crypto updates!