- The SUI token is struggling to recover from its price lows.
- SUI has fallen below its one-dollar support line.
- The Sui network recently celebrated its first year anniversary.
SUI, the native token of the Sui ecosystem, had an impressive start to the year, doubling its year-start value to reach new highs. However, the situation took a different turn when the token suffered a sharp decline on May 12, 2024, reaching a bottom before setting sight on slight recovery gains.
However, optimism for SUI’s rebound has been cut short as prospects dwindle further, with the token now hitting a new low.
SUI Plummets to $0.9 Mark
According to CoinMarketCap data on Thursday, May 9, SUI, currently wavering at $0.995, has suffered an approximate 6% decline in the past 24 hours. The token’s current trading price marks its week-low value, dropping it approximately 14% from its highest point of $1.141.
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The underperformance marks SUI’s third consecutive week of losses, which has seen the token drop a staggering 40% in the last 30 days. The downward trend, which commenced following geopolitical tension between Israel and Iran, has dashed the initially heightened hopes for SUI to reclaim the $2 mark and surpass its all-time high record of $2.18.
Sui’s downward trend is not isolated, fueled by its vulnerability to negative market trends and its inability to recover swiftly. Additionally, the ongoing decline echoes the broader downtick across the market, signaling choppy waters ahead for the native token.
However, the drop in SUI’s price contrasts with the broader bustling activity across its ecosystem.
Sui Celebrates Anniversary
On May 2, 2024, the Sui network celebrated its first year anniversary as a Layer-1 solution focused on digital asset ownership.
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Reflecting on its journey, Sui highlighted its milestones over the past year, such as its $720 million milestone in total value locked (TVL), as well as its native token’s climb since inception. The network also announced a new collaboration with Google Cloud, which will provide the ecosystem’s developers with refined analytics tools and advanced Web3 innovation.
At press time, Sui’s total value locked (TVL) sits at $643.5 million, securing the 13th position and outpacing chains such as Cardano, Aptos, and Pulsechain.
Sui was recently accused of centralizing the ownership of its native token. Read more:
Sui Network Dispels ‘Shady’ Token Supply Allegations
Are crypto mixers being driven out of the United States? Find out more here:
Crypto Mixers Facing the Blender as U.S. Amps up Enforcement
