SUI Drops Below $1, Investors Turn to New Meme Coin Superstar
The price of the $SUI token underpinning the Sui Network, a Layer 1 Ethereum competitor, dropped below a dollar overnight, and currently trades at $0.919.
However, the token is still posting the single largest intra-week gains for any of the 100 biggest cryptocurrencies with a seven-day appreciation of 46%.
Those blistering gains are cooling off now, though. In the last 24 hours, $SUI has fallen about 7%.
Still, the Sui Network token’s overall performance has been far more volatile (and, for its holders, exciting) than that of market leaders Bitcoin ($BTC), Ethereum ($ETH), and Solana ($SOL).
Bitcoin only added 6.3% in the last week, while losing 3.8% in the last 24 hours. Meanwhile, Ethereum, the leading network for blockchain-based commerce, added 8.5% over the week and lost 3.7% overnight.
With a market cap of $2.4 billion, $SUI is unlikely to unseat Solana’s $68.7 billion market cap $SOL token as the leading Ethereum competitor.
Some of $SUI’s explosive rally this last week can be attributed to news that digital asset management giant Grayscale has added a Sui Network trust to its suite of investment products.
Like Solana and Ethereum, Sui Network deploys high-functionality smart contracts, enabling developers to build decentralized applications (dApps) offering services ranging from financial services to gaming.
However, Sui’s USP is that it processes transactions a lot faster than Ethereum. While Ethereum has a maximum theoretical throughput of 119 transactions per second (tps), Sui’s developers say it is capable of achieving a staggering 297,000 tps, thanks to its ability to process multiple transactions simultaneously.
Despite its promise, according to recent performance on the price chart, Sui Network’s support level has
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