Investors who purchased the native token of the Layer 1 blockchain Sui in a public offering last month are seeing large returns, with the token’s price trading around $1.25 on its first day on centralized exchanges.
Not long after Mysten Labs’ Sui blockchain launched its mainnet today at 8 a.m. ET, the platform’s native token was listed for trading on various exchanges. The token initially traded around $2.10, well above the $0.10 investors paid during its public sale at the end of April. The price has since slipped around 42% due to selling pressure.
Sui was trading at $1.25 by 10:30 a.m. ET, based on Binance data from TradingView. The token saw over $700 million in trading volume in its first few hours. The majority of the volume — 53% — was on the SUI/USDT trading pair on Binance.
SUI/USDT chart via TradingView
Sui circulating supply and market cap
With a circulating supply of 528 million, the token’s market cap has reached $675 million, according to CoinGecko data. The fully diluted valuation of Sui reaches $12.5 billion, considering a maximum supply of 10 billion tokens.
OKX, Bybit, Binance and Kucoin announced plans today to list and initiate trading for the Sui token immediately following the activation of the Sui mainnet.
These exchanges had previously conducted a public sale of the Sui token at $0.10 each. Moreover, Binance showcased the token on its Launchpool platform, enabling users to stake BNB tokens or TUSD stablecoins to earn Sui tokens at no additional cost.
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Source: https://www.theblock.co/post/229271/sui-token-mysten-labs-trading-returns?utm_source=rss&utm_medium=rss