The Sui Network blockchain has been down for more than two hours, with no new transaction blocks produced since 9:15 AM UTC on November 21. Sui Vision, a blockchain explorer, said the decentralized layer one network has stopped generating blocks, which makes the blockchain unable to process below transactions.
The Sui Network wrote that it confirmed the outage on its official X account and that the issue had been identified, and the Sui Network would soon return to normal operations. At the latest updates, the blockchain is still being disrupted, and users cannot make transactions on the network.
“We’ve identified the issue, and a fix will be deployed shortly. We appreciate your patience and will continue to provide updates,” wrote the protocol on X.
It seems that this downtime affects the value of the SUI token. The token price has already fallen almost 2% over the last hour, trading at $3.41. The decline of SUI has been higher by 7.29% over the last 24 hours. The token, however, has seen significant growth in recent weeks, notching 75 percent gains over the past month.
As things stand now, SUI has 18th place in the cryptocurrency market with a market capitalization of USD 9.7 billion and a fully diluted value of USD 34 billion. Its circulating supply is 2.8 billion.
Upbit Suspends Sui Token Withdrawals Amid Outage
Following ongoing blockchain troubles, South Korean crypto exchange Upbit has paused Sui token deposits and withdrawals temporarily. The exchange also warned users that deposits and withdrawals initiated during the outage may not be recoverable.
Not only has the Sui Network outage also kicked off conversations within the crypto community, but the incident has also struck out on X, as several of the industry’s significant names have tweeted X to discuss. Sui reached a similar audience that many highlighted the irony of the situation since Sui was already angling to compete, much like Ethereum rival Solana, which has also had similar outages in the past. Solana’s last downtime in February 2024 is the most recent.
Users and investors are following with interest as Sui tries to recover the issue and its implications for the long term of the SUI token.
“Sui [is] just repeating Solana history,” said one X user.
“Hasn’t Solana gone down multiple times?” asked another X user.
“SUI blockchain is down. And they claimed to be a Solana Killer,” wrote crypto YouTuber Ajay Kashyap on his X post.
