CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$28,114.00
  • ethereum
    ETH$1,909.04
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » SUI Faced Massive Volatility Minutes After Mainnet Launch

    SUI Faced Massive Volatility Minutes After Mainnet Launch

    Author: Chayanika Deka

    Last Updated May 4, 2023 @ 07:36

    SUI nosedived from $3.5 to $1.5 shortly after the mainnet launch.

    The highly anticipated SUI mainnet went live on May 3rd.  In an announcement, the Sui Foundation – the organization behind the development of the network – revealed that the builders and users will be able to access the Layer 1 blockchain, which enables devs to build freely without being restricted by complex infrastructure.

    SUI Launch

    For the uninitiated, the Sui blockchain is essentially a smart contract platform designed to foster the growth of Web3 with enhanced speed and scalability. The network relies on delegated Proof-of-Stake (dPoS) that lets users elect and vote delegates in order to confirm the next block.

    Commenting on the development, Greg Siourounis, Managing Director of the Sui Foundation, said,

    “Today is a monumental milestone for the entire Sui community and the digital asset ecosystem as a whole. For the first time, builders and users have access to a Layer 1 blockchain that allows developers to build freely, without being inhibited by complex infrastructure, and unlocks endless possibilities for users across the world.”

    The Hype

    The SUI hype has even managed to capture the South Korean crypto ecosystem, which is otherwise known to tread cautiously when it comes to new projects. One of the largest exchanges in the country – UpBit – has announced plans to start trading SUI starting May 3rd.

    So far, several prominent crypto trading platforms have extended support for the Sui mainnet launch, such as Binance, OKX, Kucoin, Huobi, Poloniex, and Bybit, thereby allowing investors to buy and sell SUI. As it typically happens in the early hours after the launch of a new token, it faced enhanced volatility. SUI went to about $3.5 before crashing to under $1.5 in minutes.

    ADVERTISEMENT

    Previously, Tron Founder Justin Sun’s actions of transferring over 56 million TUSD (worth more than $56.4 million) to crypto exchange Binance in the wee hours of May 1st ignited rumors about his intention to farm the just-released Sui tokens on the Binance LaunchPool.

    Subsequently, the move prompted a warning from Binance CEO CZ asking Sun to refrain from using any part of the TUSD deposit to rake in the SUI rewards on the platform.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • Bitcoin Volatility Increases as Binance Closes Some Aussie Derivatives Accounts
    • thorchain_halt_cover
      THORChain Mainnet Halted Amid Potential Vulnerability Concerns
    • Changpeng_Zhao_Justin_Sun
      Justin Sun Transfers $56.4M TUSD to Binance, CZ Warns Whales Over Misuse of SUI Launchpool
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Chayanika Deka
    More posts by this author

    Chayanika has been working as a financial journalist for four years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm. Contact:Linkedin

  • bitcoin
    BTC$28,114.00
  • ethereum
    ETH$1,909.04
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!