tl;dr
Sui Foundation has faced allegations of insider selling, with reports of over $400 million worth of SUI tokens being sold during a price rally. The Foundation has refuted these claims, stating that the tokens likely belong to infrastructure partners adhering to lock-up periods. Despite the broader m...
After facing allegations of insider selling, Sui Foundation has refuted claims of over $400 million worth of SUI tokens being sold during a price rally. Instead, the Foundation clarified that the tokens likely belong to infrastructure partners adhering to lock-up periods. Despite the broader market rally, SUI price dropped 2% following these allegations. Market analysts have warned of a potential 43% drop in SUI value, with indicators signaling a sell-off. The Sui blockchain has experienced increased network activity, particularly in meme coin trading, leading to a surge in total value locked (TVL) to a record high 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. Reports of the 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 by clearing the air on the matter, with the native cryptocurrency SUI dropping 2% despite the broader market rally. Allegations involving high-frequency transfers to major exchanges were highlighted by popular crypto analyst @lightcrypto. However, the Sui Foundation refuted these allegations and revealed that the wallets in question likely belong to infrastructure partners, who hold tokens in accordance with the lock-up period. The SUI blockchain, which supports global adoption via a secure and scalable platform, is now showing signs of potential selling pressure, with some market analysts predicting a 43% drop ahead. As the situation unfolds, investors are advised to carefully monitor the developments surrounding SUI and consider the potential impact on their investment decisions. The increased network activity and surge in total value locked (TVL) further complicate the future trajectory of SUI, adding additional layers of complexity to an already uncertain market landscape.
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