Sui Network tokens ($SUI) jumped to $2 apiece, minutes after trading began on Wednesday - pushing their fully diluted market capitalization to a staggering $13 billion. By shauryamalwa
Sui Network tokens jumped to $2 apiece minutes after trading began at 12 noon UTC on Wednesday, data shows. The market capitalization of the tokens reached nearly $690 million at writing time, with their fully diluted valuation at a staggering $13 billion.explorers show
. These are entities in a Proof of Stake blockchain network that are responsible for validating new transactions and maintaining the security of that network. The market capitalization of SUI's main competitor Aptos is around $2 billion, with fully diluted valuation reaching nearly $10 billion, according to CoinGecko.
Such spike in SUI token's price, at trading debut, had some observers on Crypto Twitter criticizing the sky-high valuations. "People ask why VCs 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,""Almost all founders of hyped L1 in past cycles are billionaires now despite little real traction achieved in their blockchain," Cheong added.
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