Sui Network Faces Extended Outage, Impacting SUI Token Price

The Sui Network, a decentralized layer-1 blockchain, has been down for over two hours, with no new transaction blocks produced since November 21 at 9:15 AM UTC. This interruption has raised concerns within the community as users and investors are left without access to the blockchain’s features.

The issue was confirmed by Sui Network through a post on its official X account, where the protocol acknowledged that the blockchain was unable to process transactions. However, the team reassured the community, stating that they had identified the cause of the outage and were working on a fix to restore normal functionality.

“We’ve identified the issue and a fix will be deployed shortly. We appreciate your patience and will continue to provide updates,” the team said.

Impact on SUI Token Price and Market Sentiment

The outage has had an immediate effect on the price of SUI, the native token of the Sui Network. According to recent data, SUI has seen a nearly 2% drop within the last hour and has experienced a more substantial 7.29% decline over the past 24 hours, bringing its price down to $3.41. Despite this setback, the token has seen an impressive 75% increase in value over the past month.

SUI is currently ranked 18th in the cryptocurrency rankings with a market capitalization of $9.7 billion and a fully diluted valuation of $34 billion. The total circulating supply of SUI stands at 2.8 billion tokens.

Exchange Response and Community Reactions

The outage prompted the South Korean crypto exchange, Upbit, to temporarily suspend deposits and withdrawals for the SUI token. In its announcement, Upbit warned that users who attempted to deposit or withdraw SUI tokens during the outage risked losing their funds due to the lack of transaction processing.

The incident also sparked discussions across the crypto community, with many users taking to X to comment on the situation. Several users pointed out the irony of Sui Network, which has been positioning itself as a competitor to Solana, encountering a similar issue. Solana has experienced multiple outages in the past, including one earlier this year in February.

Some community members couldn’t resist drawing comparisons between Sui and Solana, with one user jokingly commenting, “Sui just repeating Solana history.” Another added, “Hasn’t Solana gone down multiple times?”

Crypto YouTuber Ajay Kashyap also weighed in, remarking, “SUI blockchain is down. And they claimed to be a Solana Killer.”

Looking Ahead

While Sui Network’s technical team works to resolve the issue, the incident underscores the ongoing challenges faced by blockchain networks, especially those that aim to compete with established giants like Solana. The temporary disruption serves as a reminder of the importance of network stability for blockchain projects, particularly those in the highly competitive space of decentralized finance and high-throughput platforms. The outcome of this situation will likely influence both investor confidence and the future trajectory of the Sui Network.