Walrus Token Breaks Out at Launch, Finds Place Among Top Crypto Gainers – SUI Rallies in Tandem While Retail Eyes More Upside

The Walrus (WAL) token surged as much as 33% in U.S. trading hours on Thursday, reaching an all-time high of $0.5243 within hours of its launch.

It ranked among the top 10 trending tickers on Stocktwits and was one of the highest gainers in the crypto market, trailing H2O Dao (H2O) and Tutorial (TUT). 

The token generation event (TGE) coincided with the launch of the Walrus mainnet, a decentralized storage protocol built on the Sui blockchain by Mysten Labs.

Sui (SUI), the layer-1 blockchain hosting Walrus, also saw gains, rising as much as 8.5% after the TGE went live.

With its core protocol functions now operational, Walrus aims to position itself as a scalable storage solution for web3 applications, leveraging Sui’s low-cost, high-speed infrastructure. 

The WAL token is the ecosystem’s native utility token, facilitating payments, staking, and governance.

The launch included a user drop that distributed WAL tokens to early adopters, encouraging community participation. Deposits for the token are already open, with withdrawals set to begin at 6:00 a.m. ET on March 28.

Between March 27 and April 8, users can stake their WAL tokens to earn additional rewards, distributed hourly from a total pool of 200,000 WAL tokens.

The token is set to list on KuCoin, MEXC, Bitget, Bithumb, and Gate.io following the TGE, allowing users to trade and utilize WAL within the Walrus ecosystem.

The blockchain-based data storage project recently raised $140 million in a private sale of WAL tokens led by Standard Crypto. Other participants in the funding round included a16z Crypto, Electric Capital, Franklin Templeton Digital Assets, and RW3 Ventures.

Walrus (WAL) retail sentiment and message volume on March 27 as of 1:45 a.m. ET | Source: Stocktwits

Meanwhile, retail sentiment on Stocktwits around Sui’s token climbed further into the ‘extremely bullish’ zone, accompanied by ‘high’ levels of chatter.

Traders on the platform are speculating on further upside for both Walrus and Sui tokens.

One user described the Sui ecosystem and team as the “strongest” among all crypto projects, suggesting this strength could drive further price gains for both tokens.

Another user predicted that the Walrus token could rally to $2, implying an upside of over 280% from current levels.

Despite Thursday’s gains, SUI’s token remains down 1.9% over the past month, though it has climbed more than 28% over the past year.

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