tl;dr
Sui Foundation has been accused of insider selling, with allegations of over $400 million worth of SUI tokens being sold during a recent price rally. The Foundation refuted these claims, stating that the tokens likely belong to infrastructure partners adhering to lock-up periods. Despite this, the S...
Sui Foundation has been accused of insider selling, with allegations of over $400 million worth of SUI tokens being sold during a recent price rally. The Foundation refuted these claims, stating that the tokens likely belong to infrastructure partners adhering to lock-up periods. Despite this, the SUI price dropped 2% following the allegations. Analysts have warned of a potential 43% drop in SUI's price and advised caution in building fresh SUI positions. The Sui blockchain has experienced increased network activity, driven by meme coin trading, leading to a surge in on-chain trading volume and a record high total value locked (TVL) of $1.13 billion.
The SUI price has come under selling pressure as allegations mount over Sui Foundation insider selling amid the strong rally in September. The Foundation clarified that these tokens likely belong to infrastructure partners adhering to lock-up periods. Reports of the Sui Foundation insider selling of more than $400 million worth of native tokens have come amid a staggering 104% SUI price rally over the past month. The Foundation has responded to this clearing the air on the matter with the native cryptocurrency SUI dropping 2% despite the broader market rally.
Popular crypto analyst @lightcrypto wrote on the X platform that the wallets linked to the Sui Foundation sold more than $400 million worth of SUI tokens during the SUI price rally over the past few months. The analyst pointed out that since late June, an address identified as 0xbe90…950aa8 has redeemed over 82.6 million SUI tokens, valued at approximately $184 million, from the stake account 0x7f3b…3239e4. Moreover, the wallet transferred the SUI tokens in small, high-frequency transactions to major exchanges including OKX, Binance, and Bybit. However, the Sui Foundation has refuted these allegations of any such insider selling.
SUI is the native cryptocurrency of the Layer-1 Sui blockchain platform that supports the need for global adoption via a secure and scalable platform. With SUI hitting an all-time high of $2.34 on Monday, the recent developments around Sui Foundation insider selling have induced some selling pressure on the altcoin. Popular crypto analyst Ali Martinez has flashed a warning signal cautioning investors to build fresh SUI positions. Martinez highlighted that the TD Sequential indicator, which has accurately predicted the SUI price movements on the weekly chart, is now signaling a sell. Some market analysts have also been predicting that SUI will drop 43% ahead.
The Sui blockchain witnessed a strong surge in network activity driven by the growing popularity of meme coin trading. As per the details provided by DeFiLlama, the on-chain trading volume has reached around $200 million. This increased activity has also boosted Sui’s total value locked (TVL) to a record high of $1.13 billion, marking a significant achievement for the blockchain.
More about Sun Communities Inc
Sun Communities Inc
Sector: Real Estate & Construction
Industry: Real Estate Investment Trusts
Market Cap: $16.83 billion
Current Price: $250.48
Day Change: $3.74
Day Change (%): 0.52%
Dividend Yield: 25.99
P/E Ratio: 0.0199
Volume: 3,211,100,000
52-Week High: $145.25
52-Week Low: -0.417
EPS: $0.003