Decentral Block Post

The price of Sui (SUI) has dropped sharply after its market debut across leading cryptocurrency exchanges.

On May 5, SUI price was $1.26 per token, down about 70% from its record high of around $4, established two days ago on Binance.

Interestingly, on other exchanges like Kraken, the token's market top was $1.60 or lower, suggesting it was in "price discovery" mode after the launch.

Still, SUI maintains its overall market gains, up nearly 1,200% from its market debut.

Early SUI price fundamentals

SUI's initial uptrend draws support from traders who view Sui — a new entry into the long list of layer-one blockchain projects — as potentially more scalable than its rivals.

The price of Sui (SUI) has dropped sharply after its market debut across leading cryptocurrency exchanges.

On May 5, the SUI price was $1.26 per token, down about 70% from its record high of around $4, established two days ago on Binance.

Interestingly, on other exchanges like Kraken, the token’s market top was $1.60 or lower, suggesting it was in “price discovery” mode after the launch.

Still, SUI maintains its overall market gains, up nearly 1,200% from its market debut.

Early SUI price fundamentals

SUI’s initial uptrend drew support from traders who view Sui — a new entry into the long list of layer-1 blockchain projects — as potentially more scalable than its rivals.

Memecoins have been part and parcel of the cryptocurrency space since the inception of Dogecoin back in 2013, with fortunes made and ruined in equal measure. But a new token on the block caused a stir in recent weeks, as Pepe (PEPE) grabs a chunk of the memecoin market share from plucky investors.

As previously reported by Cointelegraph, PEPE saw a 2,000% boom in value following its launch in late April 2023. The token’s rally is primarily attributed to zealous memecoin hype, with the project widely shared on Twitter over the past month.

The Pepecoin website itself is brandished with a closing disclaimer, labeling $PEPE as "a meme coin with no intrinsic value or expectation of financial return." The project also stipulates that it has no formal team or roadmap and that the token is "completely useless and for entertainment purposes only.

Data analytics firm Nansen provided insightful data and key takeaways following the rise of PEPE’s market capitalization. Research analyst Xin Yi estimated that the total memecoin market value is around $20 billion, with the top five tokens, DOGE, SHIB, PEPE, BABYDOGE and FLOKI, accounting for over $18 billion of the value.

Data provided from Nansen Query shows the massive spike in token value and market capitalization of PEPE in relation to the other top five memecoins. Yi also notes that the infographic does not paint a complete picture, given that the data for PEPE reflects its listing on Coingecko, which came a couple of weeks after its inception.

Bitcoin (BTC) eyed a reclaim of further lost ground on May 5 as $30,000 remained in play. 

BTC price action rebounds from stocks slump

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it spiked to $29,529 on Bitstamp — a new May high.

The pair had dipped with United States equities at the Wall Street open the day prior, but the weakness was short-lived as $29,000 support returned.

Ongoing market jitters from the U.S. banking crisis, now impacting several regional banks, continued to shape observer sentiment.

“100% of all regional banks in the United States have their stocks in the red today, for the first time ever,” crypto media account Whalewire noted on Twitter.