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SUI Price Drops 70% From Market Debut Top Amid Excessive Supply Concerns

The price of Sui (SUI) has dropped about 70% from its record high of around $4 established two days ago on Binance, with a current price of $1.26 per token. However, SUI maintains overall market gains, up nearly 1,200% from its market debut. SUI's initial uptrend is supported by traders who view it as a potentially more scalable layer-one blockchain project than its rivals. The Sui Foundation plans to increase the SUI supply by approximately 15% by the end of 2023, which could prompt traders to wait for further price declines before entering the market. Analysts have differing views on the short-term technical perspective for SUI, with some predicting a pullback scenario while others see an uptrend toward $1.50 in May.

(By YASHU GOLA)

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