{"id":605215,"date":"2024-04-26T10:30:20","date_gmt":"2024-04-26T10:30:20","guid":{"rendered":"https:\/\/wncen.com\/?p=605215"},"modified":"2024-04-26T10:41:14","modified_gmt":"2024-04-26T10:41:14","slug":"is-sui-sinking-tvl-tanks-as-crypto-price-fails-to-keep-afloat","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/is-sui-sinking-tvl-tanks-as-crypto-price-fails-to-keep-afloat\/","title":{"rendered":"Is SUI Sinking? TVL Tanks As Crypto Price Fails To Keep Afloat"},"content":{"rendered":"

For crypto investors, the last several weeks have been a rollercoaster, with many assets seeing price dips and failing to post meaningful gains. The short-term outlook is bleak, despite some analysts’ continued optimism on the market’s long-term prospects.<\/p>\n

Related Reading: Shiba Inu Price Prediction: Can Meme Coin Hit $0.001 This Year? Investor Makes Daring Call<\/a><\/div>\n

Halving Hype Fades<\/strong><\/h2>\n

Even the granddaddy of cryptocurrencies, Bitcoin (BTC), hasn’t been immune to the market downturn<\/a>. Currently trading around $63,400, BTC is down 5% in the past day and a staggering 13% from its all-time high of over $73,000.<\/p>\n

This sluggish performance follows the recent Bitcoin halving event, which some enthusiasts believed would trigger a price surge. However, market experts had predicted otherwise, and it seems their forecasts were on point.<\/p>\n

The halving, which cuts the number of new Bitcoins entering circulation in half every four years, is intended to control inflation and theoretically increase scarcity over time. However, its impact on short-term price movements appears minimal.<\/p>\n

SUI Ecosystem Feels The Squeeze<\/strong><\/h2>\n

One cryptocurrency experiencing a particularly harsh beating is Sui (SUI)<\/a>, the native token of the Sui blockchain ecosystem. SUI has been on a downward trajectory for the past week, plummeting a staggering 30% from its all-time high of $2.20.<\/p>\n

This week alone, SUI has dipped as low as $1.15 before experiencing a brief uptick, only to fall again. The current price sits around $1.18, reflecting a 10% loss in the past 24 hours.<\/p>\n

\"\"SUI 24-hour price action. Source: Coingecko<\/a><\/pre>\n
SUI’s TVL Tumbles<\/strong><\/h3>\n
Adding to Sui’s woes is the significant decline in its total value locked<\/a>. TVL refers to the total amount of cryptocurrency locked in DeFi (Decentralized Finance) protocols within a particular blockchain ecosystem.<\/p>\n
\"SUI\"Source: Defillama<\/a><\/pre>\n
A high TVL indicates strong user activity and locked funds, which are seen as positive indicators for the health of the ecosystem. Unfortunately for Sui, its TVL has tumbled 30% from its record high earlier this year, currently sitting at around $535 million according to DefiLlama data.<\/p>\n
This drop in TVL suggests a decrease in user engagement and locked funds within the Sui ecosystem, mirroring the broader negative sentiment.<\/p>\n
<\/p>\n
SUIUSD trading at $1.18 on the daily chart: TradingView.com<\/a><\/pre>\n
Broader Market Correction Or Underlying Issues?<\/strong><\/h3>\n
The current market slump isn’t limited to Sui or even Bitcoin. Major altcoins like Ethereum, Solana, and Curve DAO have also seen losses ranging from 4% to 6% over the past week. This suggests a broader market correction rather than an issue specific to Sui.<\/p>\n
Related Reading: Stellar The New Star: XLM On Tear As Analyst Predicts $0.47 Price Target<\/a><\/div>\n
Analysts point to several factors potentially contributing to the downturn, including rising inflation concerns, ongoing geopolitical tensions, and a general risk-off sentiment among investors.<\/p>\n
What Lies Ahead For Crypto?<\/strong><\/h3>\n
While the short-term outlook for the crypto market appears uncertain, many analysts remain optimistic about the long-term potential of the technology. The underlying innovation and potential for disruption across various sectors continue to attract interest.<\/p>\n
However, navigating the current volatility will likely require a strong stomach and a long-term investment horizon for those looking to weather the storm.<\/p>\n
Featured image from Charleston Dermatology<\/span>, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
For crypto investors, the last several weeks have been a rollercoaster, with many assets seeing price dips and failing to post meaningful gains. The short-term outlook is bleak, despite some analysts’ continued optimism on the market’s long-term prospects. Related Reading: Shiba Inu Price Prediction: Can Meme Coin Hit $0.001 This Year? Investor Makes Daring Call Halving Hype Fades Even the granddaddy of cryptocurrencies, Bitcoin (BTC), hasn’t been immune to the market downturn. Currently trading around $63,400, BTC is down 5% in the past day and a staggering 13% from its all-time high of over $73,000. This sluggish performance follows the recent Bitcoin halving event, which some enthusiasts believed would trigger a price surge. However, market experts had predicted otherwise, and it seems their forecasts were on point. The halving, which cuts the number of new Bitcoins entering circulation in half every four years, is intended to control inflation and theoretically increase scarcity over time. However, its impact on short-term price movements appears minimal. SUI Ecosystem Feels The Squeeze One cryptocurrency experiencing a particularly harsh beating is Sui (SUI), the native token of the Sui blockchain ecosystem. SUI has been on a downward trajectory for the past week, plummeting a staggering 30% from its all-time high of $2.20. This week alone, SUI has dipped as low as $1.15 before experiencing a brief uptick, only to fall again. The current price sits around $1.18, reflecting a 10% loss in the past 24 hours. SUI 24-hour price action. Source: Coingecko SUI’s TVL Tumbles Adding to Sui’s woes is the significant decline in its total value locked. TVL refers to the total amount of cryptocurrency locked in DeFi (Decentralized Finance) protocols within a particular blockchain ecosystem. Source: Defillama A high TVL indicates strong user activity and locked funds, which are seen as positive indicators for the health of the ecosystem. Unfortunately for Sui, its TVL has tumbled 30% from its record high earlier this year, currently sitting at around $535 million according to DefiLlama data. This drop in TVL suggests a decrease in user engagement and locked funds within the Sui ecosystem, mirroring the broader negative sentiment. SUIUSD trading at $1.18 on the daily chart: TradingView.com Broader Market Correction Or Underlying Issues? The current market slump isn’t limited to Sui or even Bitcoin. Major altcoins like Ethereum, Solana, and Curve DAO have also seen losses ranging from 4% to 6% over the past week. This suggests a broader market correction rather than an issue specific to Sui. Related Reading: Stellar The New Star: XLM On Tear As Analyst Predicts $0.47 Price Target Analysts point to several factors potentially contributing to the downturn, including rising inflation concerns, ongoing geopolitical tensions, and a general risk-off sentiment among investors. What Lies Ahead For Crypto? While the short-term outlook for the crypto market appears uncertain, many analysts remain optimistic about the long-term potential of the technology. The underlying innovation and potential for disruption across various sectors continue to attract interest. However, navigating the current volatility will likely require a strong stomach and a long-term investment horizon for those looking to weather the storm. Featured image from Charleston Dermatology, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":605224,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,83767,87261,84310],"class_list":["post-605215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-meme-coins","tag-sui","tag-tvl"],"acf":[],"yoast_head":"\nIs SUI Sinking? TVL Tanks As Crypto Price Fails To Keep Afloat<\/title>\n<meta name=\"description\" content=\"For crypto investors, the last several weeks have been a rollercoaster, with many assets seeing price dips and failing to post meaningful gains. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is SUI Sinking? 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