SUI Plummets Over 30% As Trading Goes Live On Exchanges, What Went Wrong?

Samuel Edyme

2 years ago

3 mins read

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SUI, one of the long-awaited blockchain token projects in the crypto community, finally launched earlier today. However, contrary to expectations, SUI has recorded a significant plunge in price as the trading went live on multiple exchanges.

Over the past 4 hours since its launch, the token has declined by more than 30%. This price action disappointed traders who expected the token to only record a continuous upward trend following its launch, as often happens during these events.

Trading Goes Live On Exchanges

The token is now live on major exchanges in the crypto market, such as Binance, KuCoin, ByBit, and so on. The token can now be bought and sold against other cryptocurrencies and fiat currencies, including Bitcoin, USDT, TUSD, EUR, BNB, and TRY.

According to a Binance blog post about the SUI listing, traders will not pay maker fees on SUI/USDT until further announcements.

Chinese crypto journalist Colin Wu reported that the official team behind the SUI coin has demanded that exchanges should not launch SUI-based perpetual futures contracts. However, exchanges, including, Bybit, OKX, and KuCoin, launched several SUI trading pairs.

SUI Plunges Over 30%

Interestingly, the token has declined by over 30% following its trading launch on various crypto exchanges after its initial surge of over 1,000% at launch. The newborn asset currently trades for $1.53 at the time of writing down by 35%.

SUI price chart on TradingView.com — SUI price is moving sideways on the 4-hour chart. Source: SUI/USDT on TradingView.com

SUI currently has a 24-low of $1.33 and a 24-high of $3.34, according to data from CoinMarketCap. Regardless of the market decline, the asset’s trading volume is still up and at a value of nearly $1 million, according to CoinMarketCap.

SUI is a blockchain project that aims to create a decentralized platform for secure and efficient data storage and management. It was launched in 2020 by a team of blockchain experts who sought to address the limitations of traditional data storage systems, such as high costs, centralization, and vulnerability to cyber threats.

The blockchain is based on a Proof-of-Stake (PoS) consensus mechanism, which allows users to stake their tokens to participate in the network’s validation process and earn rewards for their contributions.

Though several factors could be tied to the plummet in SUI following its launch on exchanges. However, a few reasons could be the supply and demand dynamics and traders’ and investors’ disappointment.

When a new crypto launches on an exchange, there may be an influx of sell orders as early investors and traders try to take profits. In SUI’s case, those who bought at presale for a low price and public sale may have sold to take a profit.

And if the buying pressure is not strong enough to absorb these sell orders, the price is bound to drop. In addition, some traders and investors may have speculated on the token’s price before its launch on exchanges.

This may have led to inflated and expanded expectations. When the price of SUI failed to meet those expectations, some may have sold off their holdings, contributing to the downward pressure on the price.

Featured image from Unsplash, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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