Why Did Sui Drop 5% Today?
Sui (CRYPTO: SUI) is among the top layer-1 cryptocurrencies I continue to watch closely, given that I believe there's plenty of market share to be captured over time by networks that can provide developer and user functionality efficiently and cost-effectively. By most accounts, it does appear that Sui fits this description.
And given that recent underlying fundamental metrics do appear to be pointing in the right direction for Sui, I'd have to say that today's 5.4% downside move in Sui is a bit of a head-scratcher. The network's daily transactions surged to 19.66 million today (up from a relatively consistent range of between 10 million and 15 million transactions per day over the past month). That's a one-month high, and it also coincides with other bullish catalysts I've highlighted this month as reasons why some investors may consider bucking the trend and buying this dip.
With that said, let's examine some of the market and token-specific factors that are driving Sui lower today.
Source Fool.com
