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SUI Drops 9% to $0.8, As Crypto Market Collapses. Is $0.5 Next?

SUI Drops 9% to $0.8, As Crypto Market Collapses. Is $0.5 Next?

CryptoNewsCryptoNews2024/08/28 13:21
By:Tim Hakki

Sui Network has posted steeper overnight losses than market leaders Bitcoin and Ethereum.

Last updated:
August 28, 2024 07:52 EDT

The $SUI token underpinning the SUI network is bearing the brunt of a market-wide downturn that has shaved 6.4% off the crypto market in the last 24 hours. Crypto now stands with a market cap of $2.18 trillion.

In the last 24 hours, Sui Network’s $SUI tumbled 9.3% and currently trades at $0.8327. These overnight losses are heavier than market leader Bitcoin’s ($BTC) . The world’s favourite cryptocurrency fell 5.3% overnight and currently trades at $59,449.

Ethereum ($ETH) , the token underpinning the most commercially important blockchain, dropped 7.5% in the last 24 hours to land on $2,480.

Sui Network: A Primer and Analysis

Like Solana and Ethereum, Sui Network is deploys high-functionality smart contracts, enabling developers to build a world of 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, 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 been falling steadily throughout the year-to-date and was dragged down significantly by the crypto crash on August 5th.

Two recent rallies brought the token briefly above the psychologically important $1 resistance level, but heavy recent losses have sent it down over the last 48 hours.

A rising relative strength index (RSI) of 42 indicates the asset is moving again and is likely to stabilize, but offers no real assurance against the prospect of $SUI falling back down to $0.50.

As Sui Network Crashes Crypto All-Stars Enjoys $814,627 Launch

As an established layer 1 coin, the $SUI network token’s price often moves in line with the market leaders Bitcoin and Ethereum, meaning that when its posting green candles, it still doesn’t give the same heady price appreciation as some of the promising newer projects.

Those looking for the catalytic gold rushes of early crypto prospecting should diversify their holdings with tokens from one of the innovative pre-sales that are quietly attracting millions.

One project pioneering a unified staking protocol for meme coin fans is Crypto All-Stars, represented by the $STARS token.

Crypto-All Stars is a revolutionary staking platform that brings together the most celebrated meme coins in one place.

Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them on the platform and earn passive income in the form of $STARS with a rewards rate currently set at 1,763%.

To that end, the team has allocated 20% of the tokens for its presale; the other 25% is for presale staking, 20% for marketing, 10% CEX/DEX listing, and the rest 25% for the MemeVault Ecosystem.

This new meme coin project has gained so much popularity that its presale has already raised $814,627 since its launch last week.

Following the purchase, you can begin staking for rewards and claim the tokens once the presale ends.

So, if you are a meme coin holder who wishes to put your money to work, Crypto All-Stars is a better option than Sui Network’s $SUI. Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.

Follow them on social media – X (Twitter) | Telegram to stay up-to-date on all their development plans.

Join the Presale Here

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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