- SUI has struggled with a downward momentum within the past month.
- The layer-1 chain is recording an uptick in activity following a similar underperformance.
- SUI has fallen out of the top assets by global market capitalization.
Sui, the Layer-1 solution focused on digital asset ownership, has performed impressively since its launch over the past year, benefiting from strong momentum across its ecosystem. Beginning the year on a positive note, Sui achieved significant milestones in token price and Total Value Locked (TVL), attaining new all-time highs and record values.
However, the performance of the native token has taken a disappointing turn, overturning its previous positive trend.
SUI’s Reversal of Fortunes
SUI’s price performance over the past week has been challenged by its inability to notch respectable gains, evidenced by its approximately 15% loss in the past seven days.
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According to CoinMarketCap data, on Monday, April 29, the native token was trading at $1.19. This marks a total 5% slip in the last 24 hours, kicking off the token’s performance this week with a downward start.
While SUI’s current trading price marks a 54.5% uptick from its year-start range of $0.77 to $0.80, the token is down approximately 83.2% from its all-time high price of $2.18. The loss in SUI’s market value was in response to a broader market crash, positioning the native token as one of the biggest losers in the downward market trend.
Despite SUI’s underperformance, the broader ecosystem, mirrored its negative performance, has swiftly rebounded.
Sui Network Makes Positive Comeback
Per the decentralized finance analytics platform DefiLlama on Monday, the total value locked (TVL) on Sui sits at $604.31 million at press time. While this marks an approximate 20% downfall from its record value range of $725 million, it marks a reversal from its past week’s underperformance below $530 million.
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Sitting at the 13th position in total TVL, Sui surpasses chains such as PulseChain, Aptos, and Cardano, which hold $421 million (15th position), $329 million (16th position), and $289 million (23rd position), respectively.
Additionally, the Sui Network also recently welcomed its first dollar-pegged stablecoin $FSUSD, marking the ecosystem’s first native 1:1 stablecoin. $FDUSD, owned by Hong Kong’s First Digital Trust, ranks as the fourth largest stablecoin with a market capitalization exceeding $4.41 billion.
To further understand SUI’s performance since the market crash that triggered its decline, read here:
SUI Rises 14% in a Single Day as Crypto Market Crash Calms
Bitcoin ETFs may be headed next to Australia; find out more about reports indicating this:
Australia Mulls Bitcoin ETF to Bolster Crypto Hub Ambitions
