SUI Token Plummets Amid Sui Blockchain Outages
- The SUI token is down by 20% this week, trading at $0.89.
- SUI is more than 83% off its all-time high of $5.35 in January.
- The layer-1 blockchain experienced downtime for two consecutive days due to a network stall.
- A crash bug in the gas charging logic introduced by release version 1.72 caused Thursday’s outage.
- Mysten Labs launched Sui in 2023 and raised $300 million in Series B funding in 2022.
The Sui blockchain has faced significant challenges with repeated outages, impacting its native token’s performance significantly this week. The network’s recent downtime was attributed to a bug from a new software release, which temporarily halted operations on the mainnet.
Despite efforts to resolve these issues, the SUI token continues to struggle, now trading significantly lower than its peak value earlier this year, reflecting investor concerns over the network’s reliability and stability.(Source)
