What's Driving Token Prices? June 3, 2026

SUI (-17%) - Layer-1 network Sui suffered three major outages over the past week. The outages caused a blockchain halt, effectively pausing on-chain activity. The root cause was identified as part of its latest software release, which included a few “edge case” bugs that caused the blockchain to stop. Blockchain halts can be particularly chaotic, not only as it stops any activity on-chain, but also because of the potential impact on financial applications. Since Sui experienced multiple hours of downtime, any financial applications could see price changes in underlying assets, causing liquidations of loans or other leveraged positions. Thankfully, it does not appear that the outage led to any widespread losses.
HNT (-17%) - Yesterday, decentralized wireless network Helium announced the sale of its Helium Mobile division to Noble Mobile. Noble Mobile, which is owned and operated by former presidential candidate Andrew Yang, acquired the mobile carrier on undisclosed terms. Noble will continue to offer Helium Mobile subscribers the same coverage through the Helium Network and T-Mobile. In addition, Helium Mobile will still rely on the Helium Network for connectivity. Nova Labs, the entity that maintains and develops the Helium Network, affirmed that the sale will allow them to focus on growing the overall network and grow into more regions. Most recently, the team announced an expansion to Brazil through the Mambo Network. Helium Mobile has just under 700,000 subscribers, but the Helium Network supports over 2.6M daily active users.
RDNT (-15%) - Money market protocol Radiant announced this week it would sunset its DAO. Back in 2023, Radiant had $773M in TVL, but after suffering two exploits in 2024, the protocol’s activity declined, now capturing under $2M in TVL. In a blog post, the team detailed how it plans to wind down DAO operations and cease active development of the protocol. While the protocol will remain available, the front-end will be shut off, new borrowing activity disabled, and RDNT token emissions discontinued. The DAO will remain, but only in case stolen funds are somehow returned to the protocol. Radiant joins more than 40 DeFi protocols that have shuttered in 2026 alone. The increasing number of security hacks has been a primary cause for this trend, along with consolidation and a lack of product-market fit.
ENA (+15%) - Decentralized stablecoin issuer Ethena announced yesterday that it partnered with crypto exchange Coinbase to launch an on-chain savings product through Coinbase’s interface. As part of the deal, Coinbase Ventures also purchased Ethena’s ENA token on the open market. Details around the upcoming product launch were not disclosed, but the partnership could provide Ethena with distribution to Coinbase’s 100M user base. Ethena currently has $5.4B in AUM; the hope is that the new Coinbase venture could further expand that.

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