Sui Drops 3.54% in One Hour Amid $3 Million in Long Liquidations

Sui (SUI) experienced a sharp decline on Tuesday, dropping 3.54% in just one hour. The cryptocurrency fell from $1.17 to $1.13 by 10:08 p.m. ET (02:08 UTC), extending its 24-hour loss to 5.20%. The price drop was observed on Binance's spot SUI/USDT market.

The decline was accompanied by significant long liquidations, totaling $3 million across Binance, Bybit, and OKX. Short liquidations, meanwhile, amounted to $0 million, indicating that leveraged long positions were primarily affected during the downturn.

At the time of the drop, SUI ranked 28th by market capitalization, with a total valuation of approximately $4.78926 billion.