Recently, I've seen many people shorting $SUI , even shouting 'return to zero', and I feel it's necessary to say a few words. As the earliest blogger to publicly recommend SUI at Binance Square in September 2024 (when the price was around $0.8), I want to take everyone back to review SUI's resilience:
In 2022, the FTX collapse severely impacted the ecosystem, and the company behind SUI, Mysten Labs, had previously received a $100 million investment from FTX Ventures. To shake off the shadow, the team gritted their teeth and repurchased $96 million of shares from bankruptcy liquidation, launching the mainnet in May 2023 under pressure and listing on all top exchanges.
When it first launched, the coin price plummeted from $2 to $0.3, and the community mocked it as a 'water drop funding project'. But the team worked silently, and the TVL and coin price gradually broke through the chaos of new public chains. Now, SUI’s market value has exceeded 10 billion, and although it was affected by the CETUS theft of 250 million tonight, I believe that the team, which has endured the darkest moments, can handle the crisis well—after all, they have survived the collapse of FTX and the ankle cuts of coin prices.
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