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 <p class="is-style-lead">Sui token’s (SUI) <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> has struggled over the past month, falling to a one-month low of around $0.46 on Aug. 18 as almost the whole crypto <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> turned red.&nbsp;</p> 
 <p>However, as the asset’s social activity grew, SUI’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> 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.</p> 
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  <img decoding="async" width="3840" height="1300" src="https://cdn.thebittimes.com/images/2023/08/23/d0a04e3ce76eb95acf45c866f69adceb.webp" alt="SUI price rises despite negative market trends - 1" class="wp-image-14187611"> 
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    SUI price, social dominance, total OI and development activity – Aug. 23 | Source: Santiment 
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 <p>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.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Sui announces the launch of its developer portal&nbsp; 
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 <p>According to data provided by the <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> 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.</p> 
 <p>Moreover, Sui is trading at $0.577 with a $417 million <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> 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.</p> 
 <p>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.</p> 
 <p>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.</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> SUI drops to all-time low as market turns red 
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SUI price rises despite negative market trends

TheBitTimes

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