SUISui
SUI · 15m · LEGENDOHLC
SUI
Sui
Market cap$3.54B
Today’s move
Updated - ago
SUI dropped approximately 5.24% to $0.86188, pressured by broader cryptocurrency and tech-market weakness that triggered risk-off selling across high-beta Layer 1 tokens.1 The decline was exacerbated by cascading liquidations of leveraged longs after price failed to hold resistance above $0.90.1 With no network-specific shocks reported, downside pressure was further compounded by lingering supply dilution from early-November token unlocks, leaving open interest at $28.1M and funding slightly negative at -0.0003%.1
About
Sui is the native token of the Sui blockchain, a Layer 1 blockchain developed by Mysten Labs that launched in May 2023. The network employs a delegated proof-of-stake consensus mechanism and utilizes a unique object-centric programming model based on the Move programming language, designed to enable parallel transaction processing and high throughput. SUI tokens serve multiple functions within the ecosystem, including transaction fee payment, staking to validators for network security and earning rewards, and governance participation in protocol upgrades and parameter decisions. The blockchain distinguishes itself through its focus on scalability and low-latency finality, aiming to support high volumes of decentralized applications particularly in gaming, NFTs, and payment systems. Sui has attracted significant developer interest and institutional backing, establishing itself as a notable alternative to other Layer 1 blockchains by emphasizing developer experience and efficient resource utilization through its novel approach to smart contract execution and asset ownership.