The Sui Network is suspected to be down for more than two hours. The protocol has not produced any new transaction blocks since Nov. 21 UTC 9:15.

Based on the latest data from Sui Network’s explorer site Sui Vision, the decentralized layer-1 blockchain has stopped producing blocks for more than two hours.

At the time of writing, the last transaction block took place on Nov. 21 at 9:15 am UTC. Since then, no new blocks have been produced on the blockchain.

The Sui Network confirmed the outage on its official X account, stating that the blockchain is currently unable to process transactions. However, it claims that the problem has been identified and will be back to normal soon.

“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.

Sui’s blockchain outage has seemingly impacted the SUI token price. According to data from crypto.news, the Sui token has gone down by nearly 2% in the past hour. It is currently trading hands at $3.41. In the past 24 hours, SUI has plummeted by 7.29%.

Even though, the token has gone up by nearly 75% in the past month.

SUI currently ranks in the 18th place in the lineup of cryptocurrencies, holding a market cap of $9.7 billion and a fully diluted valuation of $34 billion. The Sui token has a circulating supply of $2,8 billion tokens.

The South Korean crypto exchange, Upbit, announced it will be temporary suspending deposits and withdrawals for the Sui token due to its block generating outage.

The notice informs users that if they deposit or withdraw Sui tokens after the announcement was posted, then there is a chance that their funds cannot be recovered.

Several crypto industry figures took to X to comment on the recent Sui Network outage. Most of them teased Sui’s goal of becoming Solana’s biggest competitor. Ironically, the Solana blockchain also has a track record of outages in the past, with the latest one recorded in February this year.

“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.

BONK has emerged as the top gainer among the leading 100 assets following a major announcement from the South Korean crypto exchange Upbit.

Bonk (BONK), the first Solana-based meme coin, surged 18% on Wednesday to hit a new all-time high of $0.000058. Its market cap soared to over $4.1 billion when writing, flipping Dogwifhat’s (WIF) $3.2 billion market cap to reclaim its position as the largest meme coin on the Solana blockchain.

Why is BONK going up?

The altcoin’s price uptick coincided with a jump in the meme coin’s futures open interest. According to data from CoinGlass, OI for BONK’s futures market rose to an all-time high of $53.5 million, more than 7 times its monthly low of $6.3 million, suggesting a growing demand from investors.

Bonk’s recent rally followed its listing on South Korea’s largest crypto exchange, Upbit. BONK’s daily trading volume shot up 95% amid the listing, hovering over $3.5 billion when writing.

Another key factor driving the altcoin’s gains is Bonk DAO’s announcement of a massive 1 trillion token burn scheduled for Christmas Day, which is set to reduce the total number of tokens in circulation, thereby increasing scarcity.

Whales have also been interested in the meme coin lately. According to data shared by Lookonchain, a whale with a history of profitable meme coin investments has spent 3.4 million USDC to buy 65.4 billion BONK tokens. Last week, another whale was seen picking up 29.32 billion BONK at $0.0000387.

Whale buying typically boosts retail investor confidence in an asset, potentially driving FOMO (fear of missing out) among those seeking quick gains.

Bullish momentum to continue

BONK’s rally hasn’t lost strength despite surging over 72% in the past week alone. On the 1-day BONK/USDT price chart, BONK’s EMA lines show a strong bullish trend, with the short-term 50-day EMA above the long-term 200-day EMA and the price staying above both lines. 

Based on this setup, the bullish trend is expected to continue in the short term as the buyers remain in control. However, the Relative Strength Index showed a reading of 82, which confirms the bullish momentum but puts the meme coin at overbought levels.

Despite the overbought status, an analyst suggests that BONK is undergoing a ‘Blue Sky breakout,’ which could sustain its upward trajectory in the coming days. 

This speculation is supported by strong catalysts driving the uptrend and the current hype around meme coins. Separately, Bitcoin’s recent rally to new highs has amplified market-wide sentiment, further boosting interest in the meme coin sector, which gained 2.3% over the past day.

Pump.fun, the meme coin launch platform that allows users to easily create their own meme coins, has sold another chunk of Solana tokens earned in fees.

On Nov. 18, blockchain data tracking platform Lookonchain reported that Pump.fun sold 105,000 Solana (SOL). tokens. The offloaded tokens came from the meme factory’s fee account and totaled more than $25 million at the time, Lookonchain shared on X.

This sale coincided with the altcoin’s price rising from $135 to nearly $180. Solana’s top meme coin generator, which has accumulated total revenue of 1,307,966 SOL worth over $315 million, has been consistently selling coins in recent months and weeks.

Pump.fun sold 43,000 SOL worth over $9.38 million seven days ago. Over the past few weeks, the platform has offloaded 352,400 SOL worth over $71 million. This includes the sale of 10,300 SOL that in September.

Overall, according to on-chain data, the SunPump rival has cashed out a total of 898,243 SOL worth of $157 million.

These sales from the fee account suggest a need for cash by the team, with this wallet being used not just for collecting transaction fees but also for covering operational costs for the platform.

SOL price

Pump.fun’s latest SOL sale comes amid the token’s price jump above $200. Over the past month, Solana’s price has increased by more than 50%, reaching new year-to-date highs above $247. According to market data from crypto.news, this bullish surge brought SOL to within 8% of its all-time high of $259.

SOL has since decreased from $247.84 to $237.41, cutting 24-hour gains to roughly 2% and seven-day gains to about 8.6%.