Just-In: SUI Price Slumps By 72% Amid Mainnet Launch

SUI Token News: Sui Network’s much anticipated mainnet launch finally went live. However, its native token Sui (SUI) price took a major hit as soon as major crypto exchanges opened trading for the token. As per the data, SUI price dropped by a massive 72% since it went live for trading.

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SUI Price Drops Major

As per the data, the SUI price jumped to touch the $2 price level after just a few minutes of trading. The market cap of SUI reached $675 million, at the press time. However, its Fully Diluted Valuation stood at around $12.79 billion.

Earlier, Coingape reported that Binance has decided to launch the SUI token ahead of the launch of its mainnet. The world’s largest exchange stated that it will be listing 6 trading pairs of the token (SUI/BTC, SUI/USDT, SUI/TUSD, SUI/BNB, SUI/EUR, and SUI/TRY).

Colin Wu reported that the SUI official team requested the exchanges including Binance, OKX, Bybit and kuCoin not to launch a perpetual contract of the token. It added that several major exchanges temporarily agreed to meet this demand. There will be a delay in the launch of futures contracts.

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The post Just-In: SUI Price Slumps By 72% Amid Mainnet Launch appeared first on CoinGape.