Is SUI Price Stability Under Threat Due To Transactional Boom And Bust?

Sui network's persistent growth propelled it into the league of the top 100 cryptocurrencies by market capitalization, but the value of the SUI token has been on a downward trajectory. Sustaining this heightened market position presents difficulties, as demonstrated by the recent performance of the Sui token's value.

Timeline of Sui

Sui Foundation has ended its relationship with the decentralized exchange MovEX following a breach of contract. The foundation alleged that MovEX had released a significant amount of SUI tokens – subject to a contractual lockup – into circulation.

Sui Foundation has cut all ties with decentralized exchange MovEx, citing multiple contract violations. The Foundation allegedly paid $2.5 million SUI to MovEx for developing DeepBook, the network's native order book.

Sui Network has achieved a remarkable milestone, with on-chain data revealing that the number of daily transactions has surged to an unprecedented 28.63 million, marking a new all-time high since the launch of its mainnet.

After the launch of the mainnet on May 3, the SUI token fell into a deep downtrend, which has caused the price to drop by more than 87%. Low user numbers and poor on-chain data have severely clouded the outlook.

The Sui blockchain platform is witnessing a surge of activity, mainly due to its new Web3 game, Sui 8192. Not only is this game boosting blockchain engagement, but it's also contributing to the bullish run of Sui's native token, SUI.

Layer-1 blockchain Sui (SUI) Network reached 1 million active addresses less than two months after its mainnet launch, according to a July 14 press statement shared with CryptoSlate. Greg Siourounis, the managing director of the Sui Foundation, stated that the blockchain network's success showed a growing demand for the platform.

Fintech firm Six Clovers has introduced the Versal Network, a platform built on the Sui blockchain, to enhance the speed, security, and cost-effectiveness of cross-border payments.

The team behind the Sui network and its native SUI token has taken to Twitter to deny allegations of selling locked staking rewards on Binance. Word on the street is that the team moved a huge amount of locked staking rewards and dumped them on Binance to cash in.

In a recent series of Twitter posts, the team behind the Sui network and its native SUI token refuted allegations claiming that they had unlocked SUI staking rewards and subsequently “dumped” them on the cryptocurrency exchange Binance.

Sui Network, an L1 blockchain platform, has taken to Twitter to clear the air after speculations that they deliberately misrepresented the emission chart and that the team was dumping staking rewards in the company's native token, SUI.