SUI, which has been eagerly awaited for a while, has been launched on cryptocurrency exchanges as of yesterday. Almost all of the major exchanges such as Binance, OKX, KuCoin, Bybit and others have listed SUI. SUI went on pre-sale on these exchanges over the past week, and each SUI was sold for $0.03 to $0.1. The price saw 2 dollars in the first minutes of trading. The $2 level corresponds to an increase of between 1900% and 6500% over the pre-sale prices. Binance has listed SUI with USDT, TUSD, BNB, BTC, EUR and TRY trading pairs. The total trading volume of SUI on all exchanges reached $160 million in the first 10 minutes. Binance alone accounted for 80% of this volume.
While SUI was opened for trading on exchanges, the Sui blockchain went live. Deployed after several years of development, Sui will compete with tier one blockchains. Aptos is seen as Sui’s biggest competitor. Sui’s developer company, Mysten Labs, received an investment of $300 million in September 2022. While the company was valued at $2 billion, the investment round was led by FTX Ventures, a subsidiary of the bankrupt cryptocurrency exchange FTX. Investors included a16z, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital and O’Leary Ventures.
As of the publication date of the article, the price of Sui was recorded as $1.40 USD, while the last 24-hour trading volume of Sui was $1,945,234,248 USD. Sui is down 68.95% in the last 24 hours. Sui is ranked 63rd in the current CoinMarketCap ranking with a live market cap of 741,258,108 USD.