SUI price drops 70% from market debut top amid excessive supply concerns
The circulating supply of SUI tokens will grow by nearly 15% by the end of 2023. The price of Sui (SUI) has dropped sharply after its market debut across leading cryptocurrency exchanges. On May 5, SUI price was $1.26 per token, down about 70% from its record high of around $4, established two days ago on Binance. Interestingly, on other exchanges like Kraken, the token's market top was $1.60 or lower, suggesting it was in "price discovery" mode after the launch. SUI/USD daily price chart. Source: TradingView Still, SUI maintains its overall market gains, up nearly 1,200% from its market debut. Early SUI price fundamentals SUI's initial uptrend draws support from traders who view Sui — a new entry into the long list of layer-one blockchain projects — as potentially more scalable than its rivals. Mysten Labs, Sui's original contributor, asserts that it will become the first internet-scale programmable blockchain platform thanks to its claims of processing about 3...