SUI Price Crashes 12%: Wallet Shutdown and a Surprising $538 Million Development!

Selling Pressure Intensifies as SUI Price Suffers Sharp Decline

According to CoinGlass data, SUI opened November 14 at $0.7962 and closed the day at $0.7011. This represented a daily decline of 11.94%. The cryptocurrency also fell as low as $0.6755 during the session, highlighting the intense selling pressure affecting the market. On November 15, SUI recovered to approximately $0.72, although its 24-hour performance remained in negative territory.

The decline is not solely attributable to developments within the Sui ecosystem. The broader cryptocurrency market selloff, led by Bitcoin, has also weakened risk appetite toward altcoins. According to CoinMarketCap's November 15 analysis, high inflation, interest rate expectations, ETF outflows, and a strengthening US dollar negatively affected the overall market outlook. Liquidations of leveraged long positions further accelerated SUI's price movements. However, no verified Sui-specific development has been identified as the sole cause of the decline.

From a technical perspective, the $0.675–$0.680 region stands out as a short-term support zone. If this area is lost, selling pressure could intensify again. On the upside, reclaiming $0.727 could provide an initial indication of a recovery. A stronger improvement would require SUI to break back above the $0.80 region. However, these levels should not be interpreted as guaranteed price targets but rather as technical areas worth monitoring under current market conditions.

Suiet Wallet Announces Shutdown of Operations in the Sui Ecosystem

An important decision affecting Sui users was also announced during the period of declining prices. The developers of Suiet, a wallet operating on the Sui blockchain, announced on their official website that they would discontinue development and maintenance of the application. According to the announcement, API services would remain operational until November 14, 2026, to allow users to migrate to alternative wallets. The Suiet browser extension available through the Chrome Web Store is also expected to be discontinued at a later date.

The Suiet team specifically emphasized that ending operations would not cause users' blockchain assets to disappear. Suiet operates as a self-custody wallet, meaning users retain control of their private keys. However, with API services being discontinued, features such as displaying balances, executing transfers, and connecting to decentralized applications may no longer function reliably. Users were advised to securely back up their recovery information and migrate their accounts to another compatible Sui wallet.

The decision has renewed discussions about wallet services withdrawing support from the Sui ecosystem. Kriptofoni previously reported on Phantom's decision to discontinue Sui support, highlighting the need for users to migrate to alternative wallets. Meanwhile, Cointelegraph reported on November 11 that the total value locked in Sui's decentralized finance applications had declined by more than 22% over the previous month. Nevertheless, it is not possible to establish a direct causal relationship between the termination of wallet support and the decline in SUI's price.

Stablecoin Supply on Sui Network Reaches $538 Million

Despite the negative developments affecting the ecosystem, Sui's stablecoin data presents a different picture. According to DefiLlama data dated November 13, the total value of stablecoins on the network reached approximately $537.74 million. The increase over the previous 30 days was calculated at 10.33%. During the same period, the combined supply of US dollar-pegged stablecoins across different blockchain networks declined by 5.34%, making Sui's growth particularly noteworthy.

The majority of stablecoin assets on Sui consist of USDC, issued by Circle. Approximately $368.42 million in USDC accounts for 68.5% of the network's total stablecoin supply. This concentration indicates that a substantial portion of dollar-denominated liquidity on the network depends on a single stablecoin. While other stablecoins hold smaller shares, the distribution of liquidity remains important when evaluating Sui's potential use cases in payments and decentralized finance.

An increase in stablecoin supply does not necessarily mean that the price of the SUI token will rise. Dollar-denominated balances on a blockchain can be held for trading, lending activities, or various financial applications. Therefore, the extent to which growing stablecoin supply translates into demand for SUI must be examined separately. On-chain transaction volumes, active user numbers, and capital flowing into decentralized finance protocols are among the important indicators for understanding this relationship.

Kriptofoni's Assessment

Recent developments within the Sui ecosystem demonstrate that the technological growth of blockchain networks and the market performance of their native tokens do not always move in the same direction. SUI's double-digit daily decline coincided with selling pressure across the broader cryptocurrency market, while Suiet's decision to shut down presents a separate challenge for the user experience. Meanwhile, the increase in stablecoin supply indicates that dollar-denominated assets continue to be held on the network.

Two groups of indicators will be important for SUI in the coming days. First, investors will monitor whether the $0.675–$0.680 support zone can hold and whether selling pressure in the Bitcoin market continues. Second, attention will turn to the migration of Suiet users to alternative wallets, DeFi liquidity on the network, and stablecoin movements. Kriptofoni previously covered SUI Group's cryptocurrency treasury holding 109 million SUI, which also remains relevant when evaluating institutional investment developments.

Sui's long-term success will not be determined by price movements alone. The network's ability to retain users, encourage developers to continue launching new applications, and convert stablecoin liquidity into genuine economic activity will also play decisive roles. Under current conditions, SUI's price is struggling against strong selling pressure while dollar-denominated liquidity on the blockchain continues to grow. This divergence highlights the importance of evaluating token price performance and ecosystem indicators separately.