Compared to Ethereum and Bitcoin, the two market leaders, Sui Network has experienced greater overnight losses.
The market-wide decline that has taken 6.4% off the cryptocurrency market in the last day is primarily affecting the $SUI token, which powers the SUI network. The market cap of cryptocurrency is currently $2.18 trillion.
Sui Network’s $SUI fell 9.3% over the past day and is now trading at $0.8327. Compared to Bitcoin ($BTC), the market leader, these overnight losses are greater. The most popular cryptocurrency in the world is now trading at $59,449 after falling 5.3% over night.
The most significant blockchain in terms of commerce, Ethereum ($ETH), saw a 7.5% decline in value over the previous day, closing at $2,480.
Sui Network: A Primer and Analysis
Similar to Solana and Ethereum, Sui Network uses highly functional smart contracts that let developers create a vast network of decentralized apps (dApps) that provide everything from gaming to financial services.
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.
Sui Network’s support level has been steadily declining throughout the year despite its potential, based on recent performance on the price chart. The August 5th cryptocurrency crash brought about a significant decline in this level.
The token briefly rose above the psychologically significant $1 resistance level during two recent rallies, but severe losses during the past 48 hours have driven it down.
Although a rising relative strength index (RSI) of 42 suggests that the asset is moving once more and will probably stabilize, it does not provide much protection against the possibility that $SUI will drop back to $0.50.
As Sui Network Crashes Crypto All-Stars Enjoys $814,627 Launch
The price of the $SUI network token, an established layer 1 coin, frequently follows the movements of Ethereum and Bitcoin, the two dominant players in the market. This means that even when it posts green candles, it does not experience the same explosive price growth as some of the more exciting, recently launched projects.
Tokens from one of the cutting-edge pre-sales that are subtly drawing millions should be added to your holdings if you are searching for the catalyst gold rushes of early crypto prospecting.
With its $STARS token, Crypto All-Stars is one project leading the way in a unified staking protocol for fans of meme coins.
A ground-breaking staking platform called Crypto-All Stars unites the most well-known meme coins in one location.
Staking Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin on the platform allows holders to earn $STARS, a passive income stream with a rewards rate of 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.
You can start staking for rewards after making a purchase, and after the presale ends, you can claim the tokens.
For those who own meme coins and want to invest their money, Crypto All-Stars is a more suitable choice than Sui Network’s $SUI. Visit the website to purchase $STARS using a card, ETH, USDT, or BNB.
Follow them on social media – X (Twitter) | Telegram to stay up-to-date on all their development plans.