SUI Token Shatters Recovery Hopes as It Falls Below $1 Peg

• The SUI token is struggling to recover from its price lows.
• SUI has fallen below its one-dollar support line.
• The Sui network recently celebrated its first year anniversary.

SUI, the native token of the Sui ecosystem, had an impressive start to the year, doubling its year-start value to reach new highs. However, the situation took a different turn when the token suffered a sharp decline on May 12, 2024, reaching a bottom before setting sight on slight recovery gains.

However, optimism for SUI’s rebound has been cut short as prospects dwindle further, with the token now hitting a new low.

SUI Plummets to $0.9 Mark

According to CoinMarketCap data on Thursday, May 9, SUI, currently wavering at $0.995, has suffered an approximate 6% decline in the past 24 hours. The token’s current trading price marks its week-low value, dropping it approximately 14% from its highest point of $1.141.

The underperformance marks SUI’s third consecutive week of losses, which has seen the token drop a staggering 40% in the last 30 days. The downward trend, which commenced following geopolitical tension between Israel and Iran , has dashed the initially heightened hopes for SUI to reclaim the $2 mark and surpass its all-time high record of $2.18.

Sui’s downward trend is not isolated, fueled by its vulnerability to negative market trends and its inability to recover swiftly. Additionally, the ongoing decline echoes the broader downtick across the market , signaling choppy waters ahead for the native token.

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However, the drop in SUI’s price contrasts with the broader bustling activity across its ecosystem.

Sui Celebrates Anniversary

On May 2, 2024, the Sui network celebrated its first year anniversary as a Layer-1 solution focused on digital asset ownership.

Reflecting on its journey, Sui highlighted its milestones over the past year, such as its $720 million milestone in total value locked (TVL), as well as its native token’s climb since inception. The network also announced a new collaboration with Google Cloud, which will provide the ecosystem’s developers with refined analytics tools and advanced Web3 innovation.

At press time, Sui’s total value locked (TVL) sits at $643.5 million , securing the 13th position and outpacing chains such as Cardano, Aptos, and Pulsechain.

Sui was recently accused of centralizing the ownership of its native token. Read more:
Sui Network Dispels ‘Shady’ Token Supply Allegations

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