on the situation, saying, “People ask why [venture capitalists] keep funding new pre-mainnet Layer 1 protocols at billion dollar valuation but as long as hyped L1 can keep getting away by launching at $10b+ FDV even amidst a challenging market this trend will continue.” Arthur0x went on byAlmost all founders of hyped L1 in past cycles are billionaires now despite little real traction achieved in their blockchain.
Upon its market debut, SUI surged to an all-time high of $2.16 per coin, but has since dropped by 37%, currently trading between $1.27 and $1.36 per unit. However, at its current price of $1.36 per unit, the crypto asset is up 16% from its all-time low. As of Friday, May 5, 2023, SUI’s market valuation stands at $709 million, with $511 million in 24-hour global trade volume. Over the past 24 hours, the network has processed 2,373,134 transactions, with 239,888 unique addresses holding SUI. Out of the vast array of listed crypto assets, SUI currently ranks as the 70th largest market capitalization.