In the crypto market, launch day is often a make-or-break moment. And in the case of Sui Token, the much-anticipated digital currency skyrocketed on its debut, instantly drawing attention and intrigue from across the globe. As the Sui network’s mainnet recently went live, the token saw immediate action and surged significantly to the North, leaving traders’ expectations behind. However, a sharp correction is often followed by a meteoric rise as analysts predict a downtrend for the Sui token in the next few hours.
Major Crypto Exchanges Listing Fuels $2 High
Major global exchanges have commenced trading of the Sui (SUI) token, coinciding with the Sui Network’s mainnet launch on May 3rd. The Sui Foundation confirmed that the mainnet went live at precisely 12:00 pm UTC, garnering the support of various leading crypto platforms that facilitated the trading of the newly introduced SUI token.
Binance, one of the largest crypto exchanges, has made rapid strides to initiate SUI trading shortly after the mainnet launch. Users on the platform will have the opportunity to trade SUI against prominent cryptocurrencies, such as Bitcoin and Tether, starting at 12:15 pm UTC. In addition, the exchange will enable 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. Notably, KuCoin aims to offer SUI/USDT-margined futures and an isolated margin trading pair, SUI/USDT, subject to meeting liquidity requirements.
Poloniex further highlighted that the total supply of SUI tokens had been capped at 10 billion, underlining the digital asset’s scarcity and potential value.
Sui’s developers had assured users of rapid transaction processing, yet on Wednesday; the blockchain explorer data revealed a mere average of four transactions per second (4tps). In contrast, Aptos has been delivering a more impressive rate of nine transactions per second. Notably, Sui’s path toward decentralization has been met with numerous challenges, and it may soon witness a decreased interest in the community.
What is Sui Token’s Current Potential?
Sui Network tokens skyrocketed to $2 each within mere minutes of trading commencement at 12 noon UTC on Wednesday, as indicated by recent data. The tokens’ market capitalization surged to an impressive $690 million at the time of reporting, while their fully diluted valuation (FDV) soared to a remarkable $13 billion.
As of Wednesday, validators have committed more than 4.2 billion SUI tokens to the Proof of Stake (PoS) blockchain network, per data from blockchain explorers. These validators play a crucial role in upholding the network’s security and ensuring the accurate processing of new transactions.
Currently, the Sui token trades at $1.26, falling from its high of $2. Analyzing the daily price chart, the Sui token is currently in correction mode and can witness intense volatility for a few more hours.