The Sui network, a blockchain for decentralized apps, recently experienced its first major disruption, which raised concerns about its reliability. However the Sui Coin price remained stable, showing that the coin is resilient, even during tough times.
Cryptocurrency networks often face disruptions, but the recent problems with the Sui network have attracted attention. On November 21, 2024, Sui had its first major outage, lasting about two and a half hours. Despite this the Sui Coin price stayed stable with only small changes. This article explains why the outage happened and how the Sui Coin price remained steady during this time.
Sui Network Suffers Major Outage
On November 21, 2024, the Sui network had an unexpected outage that lasted about two and a half hours. The issue was caused by a bug in the system’s congestion control, introduced in a recent update. This bug stopped the network from processing transactions, as the key validators froze. During this time, the Sui network was not working, raising concerns about its long-term reliability.
Despite the disruption the Sui Coin price remained stable. When the outage happened, SUI was trading at $3.55, showing a small 0.88% increase from the day before.
The Root Cause: A Congestion Control Bug
However, a recent update caused a problem that only appears under certain conditions.
The bug occurred when the network attempted to process a transaction involving a mutable shared object without the proper zero MoveCall commands. This rare issue caused all validators to freeze at the same time, stopping the network. The problem was related to recent protocol updates. Although the bug is uncommon, it was enough to disrupt the network’s operations.
The Outage and Response
Once the issue was identified, the Sui engineering team acted swiftly to correct the bug. Notifications from the network, as well as reports from the community, alerted the team to the problem. Upon diagnosing the congestion control bug, a simple code fix was implemented, and the update was deployed to both the Mainnet and Testnet.
The fix was released in versions 1.37.4 for Mainnet and 1.38.1 for Testnet. The update was quickly deployed, and within 15 minutes, validators were back online, restoring the network. Despite the outage, the Sui Coin price stayed mostly the same, showing that investors still trust the project’s future.
Resilience in the Face of Challenges: SUI Crypto Price Performance
Even though the Sui network had a problem and stopped working for a while, the price of the Sui Coin stayed the same. In fact, the price even went up a little bit. This is surprising because the network had trouble.
Currently, the market value of SUI is $10.11 billion, with a strong 24-hour trading volume of $1.88 billion. These numbers show that, despite the outage, investors still trust SUI.
Technical Analysis of SUI Crypto Price
The technical chart for Sui Coin shows an upward trend in early November. This suggests a potential breakout could be coming. However after this surge, the price entered a consolidation phase, moving sideways within a range. This period of consolidation reflects market uncertainty, but it’s important to note that the overall sentiment has remained positive.
The market’s recent movement shows signs of diminishing growth, as indicated by the decreasing bullish histogram in the chart. If new negative bars appear, this could indicate a slowing of price momentum. However, for now, the Sui Coin price continues to demonstrate resilience, holding steady despite the network’s temporary disruption.
In conclusion, the Sui network faced its first major disruption due to a congestion control bug. However, the Sui Coin price stayed stable. Despite the temporary pause in network activity, the price wasn’t strongly affected, showing that investors trust the project’s future. The Sui team responded quickly to fix the issue, and the network recovered fast, showing its resilience. Overall, the Sui Coin price remains steady, indicating a positive outlook for the Sui network’s future.
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