SUI mainnet is live, token drops to all-time low of $1.15 in sell-the-news event
- The SUI Foundation announced the launch of the token’s mainnet, the token nosedived in response to the sell-the-news event.
- SUI price hit a new all-time low of $1.15, dropping from $2.16 earlier today.
- Crypto experts critique SUI token airdrop and claims the asset is “vaporware.”
The team behind the SUI token announced the launch of the mainnet. The project’s mainnet launch turned into a sell-the-news event and SUI dropped to its all-time low of $1.15. Despite the token’s listing on one of the largest exchanges by trade volume, SUI price nosedived.
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SUI mainnet launch turns into sell-the-news event for token holders
SUI mainnet launch was announced by the team earlier today. The team of developers considers the launch a monumental milestone for the community and the crypto ecosystem.
After Devnet, multiple Testnet waves, Frenemies, #CapyHolidays, Builder Houses, and much more – what a monumental moment for the Sui community: Sui Mainnet has launched!
— Sui (@SuiNetwork) May 3, 2023
Let’s dive into what that means for all of you and why you should #BuildOnSui!
pic.twitter.com/KsfCMBP9nl
The team behind the development of SUI believes that developers will build on the Layer 1 blockchain without tackling complex infrastructure.
SUI price chart
Despite the key update to the SUI ecosystem, the token’s price nosedived. SUI declined from $2.16 earlier today, to $1.15, hitting a new all-time low in response to mainnet launch. The launch event turned out to be sell-the-news for token holders who received SUI.
Critics in the crypto ecosystem argue SUI is “vaporware.” The term refers to “software or hardware that has been advertised but is not yet available to buy, either because it is only a concept or because it is still being written or designed.”
SUI is complete vapor ware. If you get any allocation anything north of 5B is a great sale.
— Hal Press (@NorthRockLP) May 3, 2023
With the token’s price decline in hours following the announcement, SUI holders await a recovery in the asset’s price.
Binance announced SUI listing at zero maker fees on its exchange. The token is likely to get listed by other crypto exchange platforms in the near future.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
