The tokens of Sui IOU have been seeing significant price spikes as the blockchain project prepares for its mainnet launch. According to CoinMarketCap, the token has increased by more than 20% in the last 24 hours, reaching a whopping $2.20. In the last few days, Sui IOU's value has grown by a total of 23%. This growth is remarkable given that other major cryptos like Bitcoin and Ethereum have seen significant decreases in this same period of time.

Sui is a layer-1 platform that makes decentralized applications (dApps) available to developers. Its sophisticated features, such as faster transactions and an overall minimalistic design, allow its users to engage in comfortable and satisfying experiences. This week kicks off with a mainnet launch that is set to take place on Wednesday after long days of strenuous validations and tests.

In spite of its performance to this point, Sui will be up against decidedly tough competition in the form of Ethereum, the largest player in the industry. Sui also has to contend with other layer-2 networks, notably Athletrum, Optimism and Polygon, that are making efforts to improve upon the issues present in Ethereum such as slow speeds and high transaction prices.

The Sui IOU token saw even more contention when billionaire founder of Tron, Justin Sun, had to apologize to Binance and offer to refund their losses of $56 million due to manipulation within a token grab. After Changpeng Zhao, CEO of Binance, released a statement noting his hope to protect retail investors and prevent such acts, speculators have been focusing in on how the prices of SUI will fluctuate come Wednesday with the mainnet launch and the Binance Launchpool airdrop. Though speculation will be high, it is expected that the token price will rise shortly after the launch, but the overall effect will still remain unclear.



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