- The trajectory of the SUI token has changed.
- The token’s performance in recent weeks has been largely positive.
- SUI has recently faced allegations of insider selling.
The recent resurgence of SUI, the native token of layer-1 blockchain Sui, has surprised the cryptocurrency market as it overcame a seven-month struggle to reach new highs. The rally saw SUI regain the $2 peg it lost in March 2024 and hit new all-time highs, quickly sparking positive sentiment across the ecosystem.
However, unable to sustain gains, the token once again fell below the recently recovered peg.
The downward spiral of SUI
After a week of upward momentum, SUI’s performance deteriorated. The token is trading around $1.88 at press time, down about 20% from its all-time high of $2.34.
This decline began on October 14, closely coinciding with analyst concerns about the token’s stability. Crypto analyst Light’s argument centers around uncertainty about the accuracy of SUI’s positive performance, suggesting it may be a misleading appearance for retail investors.
Light believes that SUI’s rapid rise ‘incomprehensible,’ and insiders claimed to have offloaded $400 million worth of tokens despite the price surge.
However, the Sui network quickly debunked these claims, confirming that no misconduct or serious token dumps occurred among insiders. Despite the recent price drop, SUI remains one of the top 50 cryptocurrencies by market cap and is up 23% over the past month.
On the flipside
- Sui recently unveiled its first incubator hub in Dubai.
- Continued market volatility may also cause SUI to decline.
- Bybit recently integrated SUI into its Launchpool platform.
Why This Matters
Because the cryptocurrency market is so volatile, token price drops are not uncommon. However, the timing of the concerns raised by cryptocurrency analysts and the sharp drop in SUI may spark speculation within the community and lead to questions about whether this is just a coincidence or something more significant.
SEC Chairman Gary Gensler is doubling down on his approach to cryptocurrency regulation. Find out more here.
Gary Gensler’s “Sweet 16” BTC Wishes Won’t Slow Down Crypto Crackdown
SUI and a few other tokens are set for token unlocking this month. Learn more here:
ARB, SUI, WLD to unlock heaviest tokens this October