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Yes, this was exactly what they needed. The ghost town-like network is coming back to life, and the price is also rising. SUI, which caused great disappointment during the pre-sale process, suffered significant value loss in the midst of the following FUD. Rumors about circulating supply and the drying up of network activity had caused the price to drop.
SUI Coin News
The new Sui 8192 Web3 game has revived the Sui network. In the midst of the decline in active addresses, the team took one of the most accurate steps. The network has processed 258 million transactions in the last 24 hours. The released application is a game where a user matches two similar tiles on a grid, changing the state of the game object. Each match earns points. The game ends once the user reaches 8192 points.
Users who complete the game are rewarded with NFTs, which has gained great interest. However, there is a problem. The recent network activity is coming from users attacking the network for the possibility of an airdrop or NFT sale. It is like artificial activity, and it is likely that the network will return to its previous quiet days soon. Nevertheless, despite the market downturn, SUI Coin’s price is still increasing by 5% daily.
SUI Coin
Sui and Move languages were developed by former Meta employees, which is why investors showed great interest during the testnet phase. During the airdrop process, the popular Solana competitor suffered a major blow. During the listing period, SUI had unfortunate days due to the decrease in market volume caused by newly emerged meme coins like PEPE Coin.
Layer1, developed as a competitor to Solana and Aptos (especially because of the Move language), was one of the events that reduced the market share in this field. Solana, which attracted investors with its speed and low fees, is now preparing for the next bull season with numerous competitors and lost institutional investors.
The FUD surrounding SUI’s circulating supply continues. Considering that network activity also seems artificial, current prices may remain expensive for this popular altcoin in the coming days. Investors may need to be prepared for sudden drops and institutional selling risks.
At the time of writing, BTC is finding buyers at $29,880 and if it fails to surpass $30,400, it could drop to $28,800.