Summary

  • The SUI token has fallen 20% this week and is currently over 83% below its all-time high of $0.89.
  • For the second day in a row, the Sui layer-1 blockchain experienced downtime on Friday.
  • This network has faced several outages, with three major incidents occurring this year alone.

The SUI token, associated with the Sui blockchain, has seen a 20% decrease this week as its layer-1 blockchain encountered a "network stall," resulting in downtime for two consecutive days.

Currently trading at $0.89, SUI has dropped an additional 2% in the past 24 hours and is now more than 83% below its all-time high of $5.35 reached in January 2025. This week's decline positions it among the five poorest performers in the top 100 coins by market capitalization, according to CoinGecko data.

On Friday morning, the network team announced on X that the Sui mainnet was undergoing a network stall, indicating that network activity might be halted at that time.

Developers of Sui had previously shared the same notice on Thursday when the blockchain was down for over 5 hours until a patch was applied to validators, temporarily restoring the network.

Following a crash bug in the gas charging logic introduced by the 1.72 software update, activity on the Sui mainnet has resumed. A comprehensive incident review will be released shortly.

— Sui (@SuiNetwork) May 28, 2026

A complete analysis of the incident is expected to be shared soon, but the network has indicated that the outage on Thursday was caused by a bug from its latest software release.

It remains uncertain whether the outage on Friday is connected to the previous day's incident or the subsequent patch. Neither a spokesperson for the network nor the core team at Mysten Labs has responded to Decrypt’s inquiries for clarification.

These outages come just months after the company reported a similar network stall in January, which resulted in six hours of downtime for the layer-1 blockchain's mainnet.

Promoted as a "Solana-killer," Sui has encountered some of the same challenges that have previously affected the fast layer-1 network, which has also faced major outages.

Launched in 2023 by Mysten Labs, the network secured $300 million in a Series B funding round in 2022, achieving a valuation of approximately $2 billion at that time. Despite its recent downturn, the token currently boasts a market cap of around $3.6 billion.