- SUI dropped by over 5% after an outage on the network.
- The network halted block production for more than two hours before resuming operations.
As a seasoned researcher who has closely followed the crypto market for years, I find myself intrigued by the recent turn of events with SUI. The network’s 5% plunge and subsequent recovery, coupled with the two-hour halt in block production, have certainly piqued my interest.
Currently, SUI is down by 5%, trading at $3.49. This decline has created a domino effect in the derivatives market, as indicated by Coinglass, causing liquidation of long positions totaling $2.17 million when long-term buyers were compelled to sell due to market conditions.
The pause occurred following news that the SUI network stopped generating new blocks. To be precise, based on SuiScan’s report, the network had been idle in block production for over two hours.
In relation to the community interactions via X, the SUI Network announced that they located the issue and implemented a solution to reactivate the blockchain.
The X post stated,
As an analyst, I’m informing you that the SUI network is temporarily down and unable to process transactions at the moment. We’ve pinpointed the problem and a swift resolution is on its way.
Currently, according to the latest updates on their status page, block production has been reinstated, and the blockchain is functioning properly.
Discussions arose within the cryptocurrency community on platform X, where certain members emphasized the likenesses between SUI and Solana following an outage.
One user stated.
“SUI blockchain is down. And they claimed to be a Solana Killer.”
Is SUI the next Solana?
As an analyst, I’ve noticed that SUI has been frequently referred to as a potential competitor or “Solana challenger.” Just recently, AMBCrypto highlighted that the trading volumes on SUI’s decentralized exchange have been exceeding those of Solana.
It appears that the network outage occurred following a significant rise in daily active user accounts. According to SuiVision, these active daily users have grown from approximately 668,000 to 826,000 within just five days.
The total active accounts on the network have also surpassed 28M.
Over the course of this month, it’s been noticed that the Solana blockchain, which had faced network issues in the past, has surpassed the growth rate seen on the SUI network.
In terms of Decentralized Finance (DeFi), the total value locked on Solana has climbed by approximately 44% over the past month, rising from $5.79 billion to $8.39 billion as we speak, according to DeFiLlama’s latest report.
Moreover, within a month, the usage of decentralized applications (dApps) on the network increased an impressive 81%, reaching approximately $7 billion in total.
In a span of thirty days, total transactions increased by 13%, and at the same time, the number of unique active wallets went up by 34%. This indicates a growing trend in network activity.
Read Sui’s [SUI] Price Prediction 2024–2025
Even though its popularity is growing, Solana has been running seamlessly without any downtime for several months now. Should this trend persist, it might erode one of SUI’s key strengths compared to its network.
Additionally, it’s common for disruptions in a network to influence investor feelings towards a particular token, as demonstrated by the decline in SUI’s price prior to its network restoration.
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2024-11-21 16:24