HomeAltcoinsSUI's value goes up by 20% because Alibaba and Mysten Labs are...

SUI’s value goes up by 20% because Alibaba and Mysten Labs are giving more support for its development.

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The SUI token was worth about $1. 1 Then Mysten Labs, who created Sui, said they are teaming up with Alibaba Cloud to help developers using the Move programming language. Today, the value of SUI increased by 20% to $1. 32 per token, as shown by Coinbase data.

Mysten talked about a new tool to help people write computer code with the help of artificial intelligence. They also discussed ways to teach people about this tool at universities around the world, and they want to organize events for the community. They also plan to translate instructions to help people in China and Korea use the tool.

The smart contract platform also bragged about getting help from Alibaba Cloud, starting programs for new businesses in Asia, and giving rewards to developers for making new software at events around the world.

They want to help experienced developers work faster and help new developers learn and discover what they can do with the language on Sui. With help from partners Alibaba Cloud and ChainIDE, Mysten wants to quickly increase the number of people building and using the network.

The news comes after a hectic few months for the Sui ecosystem since it launched its mainnet in October 2022. In October, the price of SUI dropped to its lowest point at around $0. 37 because South Korean regulators were looking into claims of price manipulation for the token.

In 2021, a group of five engineers who used to work at Facebook started a company called Mysten Labs. They wanted to make a new type of blockchain that could handle a lot of activity and be easy for developers to use. The new partnership with a big cloud company in China shows that the team is really committed to growing the use of Sui and Move around the world.

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