Sui Network’s mainnet is now live, and its native token is currently being traded on various exchanges such as Binance, Bybit, and more.
The mainnet went live at 19:00 (UTC) and started trading on major exchanges for less than $2.
The price of the SUI token fell 72 percent to $1.29 in less than 30 minutes after the market opened, according to CoinMarketCap data. At press time, the token’s trading volume currently stands at $336 million.
The token has a market cap of $288 million.
On Binance, the token started trading at $2, but quickly dropped to $1.33 at press time. Data from the exchange shows that its trading volume exceeds 200 million USDT.
Binance users deposit over $4 billion to the exchange in two days to mine SUI, e.g. Bitcoin Magazine report.
On other exchanges like KuCoin, it trades at $1.28 with a volume of $34 million.
Analyst recommends selling SUI
A recent tweet by an analyst has caused some controversy in the crypto community. He labeled SUI as a pure vaporizer and suggested that getting a distribution of over 5 billion tokens would be a lot of money.
SUI is a complete steam vessel. Anything north of 5B is a good sale if you get any allocations.
– Hal Press (@NorthRockLP) May 3, 2023
The term “vaporware” implies that tokens have no real value or properties, essentially treating them as empty promises.
Sui Network has revealed an innovative plan for its loyal community members to earn SUI through its newly launched Community Access Program.
This special program has special terms and conditions that apply to the purchase of SUI. Unlike traditional airdrops, the program employs a variety of pricing structures, including joint sales and whitelist sales.
While users participating in the general sale can purchase SUI for $0.10, SUI backers and backers are eligible to receive a substantial price reduction of $0.03 during the sale.
The analyst’s negative opinion may cause some potential investors to worry. However, it must be remembered that individual opinions may not always reflect the overall sentiment of the market or a coin’s ability to succeed.
While analyst tweets suggest that SUI is overvalued, ultimately it is up to individual investors to do their research and make an informed decision on whether to invest in the token. .
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- Binance Users Spent Over $4 Billion on Farm SUI Ahead of Mainnet Launch
board take
Bitcoin Magazine
