Sui, a layer 1 blockchain, has more than doubled its gains from its lows over the past seven days, outperforming most of the top 100 altcoins.
SUI was trading at $1.12 early Monday morning, up 148% in a week after reaching levels of $0.45 on August 5.
In May, Sui unlocked 1.04 billion SUI tokens, which was 10.4% of the maximum supply of 10 billion and 39% of the market cap at the time.
In early June, early July, and early August, 0.87%, 0.86%, and 0.84% of the maximum supply were released respectively.
For SUI, similar unlocks are scheduled monthly across the full vesting schedule, with a gradually decreasing scale through 2023.
Raoul Pal, founder of Real Vision and a macroeconomic expert at the Sui Foundation, said he expects Sui to outperform Solana (SOL).
“Obviously, everyone was caught out while the price was skyrocketing and didn’t own any SUI. To prove that it’s worthy of being the Next Big Thing, it needs to break the downtrend and prove itself against SOL… It hasn’t done that yet, and I’d be surprised if it does immediately.”
Pal recently said that SUI is under-competitive compared to several other layer 1 chains such as Avalanche (AVAX) and Celestia (TIA), and that concerns about token unlocks and valuation are likely overblown in the long term.
“Yes, there are token unlocks, but the worst is over and the game is really about demand, not supply. Supply is known and demand is a swing factor.
Yes, it is a high fully diluted value (FDV) coin and some people don’t like that. I like to find where the current narrative is overwhelmed by the price action.”
At the time of writing, SUI was trading at $1.07.
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