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<p class="is-style-lead">Three weeks after its mainnet launch, the sui token (<a href="https://crypto.news/price/sui/">SUI</a>) drops to an all-time low (ATL) as the broader crypto market turns red. </p>



<p>SUI was <a href="https://crypto.news/binance-to-list-sui-as-its-ico-is-expected-to-end-today/">launched</a> on April 18 at an initial coin offering (ICO) event at a starting price of $0.1 per coin. Two weeks later, the layer-1 blockchain’s mainnet was launched, and the token was listed on the largest crypto exchange, Binance, on May 3.</p>



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<p>On the day of the Binance listing, SUI suddenly rose to its all-time high (ATH) of $1.71 and has been gradually plunging since then. The ERC-20 token <a href="https://crypto.news/sui-coin-loses-70-despite-mainnet-going-live/">dropped</a> by 70% just one day after its mainnet launch.</p>



<p>Moreover, the sui token is down by 9% in the past 24 hours and trading at roughly $0.97 at the time of writing, marking an all-time low. Sui’s trading volume, however, has risen by 68% over the past day, reaching almost $200 million.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="1008" height="600" src="https://crypto.news/app/uploads/2023/05/SUI-price-May-24.png" alt="SUI price - May 24 | Source: Trading View" class="wp-image-14160602"/><figcaption class="wp-element-caption">SUI price &#8211; May 24 | Source: Trading View</figcaption></figure>



<p>The current drop comes as the global crypto market has suffered notable losses in the past 24 hours. According to <a href="https://coinmarketcap.com/charts/" target="_blank" rel="noopener">data</a> provided by CoinMarketCap (CMC), the total cryptocurrency market capitalization plunged by $21 billion over the past day, dropping from $1.140 trillion to $1.119 trillion.</p>



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SUI drops to all-time low as market turns red

crypto.news

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