Home web3.0 Sui Token Rally Raises Insider Selling Concerns, $400M in Tokens Reportedly Sold

Sui Token Rally Raises Insider Selling Concerns, $400M in Tokens Reportedly Sold

Oct 15, 2024 pm 06:52 PM
SUI Token $400M Insider Selling

The recent surge of the Sui token has led to allegations of insider selling, as wallets linked to its initial coin offering (ICO) reportedly sold

Sui Token Rally Raises Insider Selling Concerns, 0M in Tokens Reportedly Sold

The recent price surge of the Sui ( SUI ) token has brought about allegations of insider selling, with wallets linked to the cryptocurrency's initial coin offering (ICO) reportedly selling over $400 million in tokens during the price rally.

As of October 14, Sui has risen more than 120% in the past month, trading at $2.25 and up over 8% in just the last week. However, crypto analyst Light revealed on X that wallets linked to the Sui Foundation sold $400 million in tokens during the rally, with insiders accelerating their sales as prices increased.

When insiders control a large portion of a cryptocurrency’s supply, their selling can heavily influence the token's price. Large-scale sales often create downward pressure, which can be troubling for new investors.

In response to the allegations, Sui released a statement denying any wrongdoing. They emphasized that insiders have not engaged in preemptive selling or violated any lockup agreements.

Instead, they suggested that the sales might have come from an infrastructure partner who is in compliance with lockup schedules enforced by qualified custodians.

Looking ahead, Sui may experience more selling pressure. On October 23, approximately $114 million in Sui tokens, or 2.32% of the circulating supply, is set to be unlocked. Currently, over 28% of the total SUI supply is already unlocked.

While Sui's rally has been remarkable, the insider selling raises concerns for potential investors. Light warned that such selling often leads to a grim outcome for tokens, particularly when insiders sell to less informed retail investors chasing momentum.

Despite these concerns, the Sui token is up over 164% year-to-date, and some analysts believe it could rival Solana as a leading layer-1 blockchain.

The above is the detailed content of Sui Token Rally Raises Insider Selling Concerns, $400M in Tokens Reportedly Sold. For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot Article Tags

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

SUI Price Surges 78% Following Grayscale's New Fund Announcement and Sui Name Service Transition to a Decentralized Protocol SUI Price Surges 78% Following Grayscale's New Fund Announcement and Sui Name Service Transition to a Decentralized Protocol Aug 12, 2024 pm 06:13 PM

SUI Price Surges 78% Following Grayscale's New Fund Announcement and Sui Name Service Transition to a Decentralized Protocol

SUI's Recent Resurgence Ends in a Nosedive, Here's What Happened SUI's Recent Resurgence Ends in a Nosedive, Here's What Happened Oct 24, 2024 pm 01:33 PM

SUI's Recent Resurgence Ends in a Nosedive, Here's What Happened

Bitcoin Fog Founder Roman Sterlingov Sentenced To 12.5 Years Bitcoin Fog Founder Roman Sterlingov Sentenced To 12.5 Years Nov 09, 2024 pm 03:46 PM

Bitcoin Fog Founder Roman Sterlingov Sentenced To 12.5 Years

SUI Token Faces Two Scenarios as Price Struggles to Break Key Resistance SUI Token Faces Two Scenarios as Price Struggles to Break Key Resistance Aug 10, 2024 pm 09:03 PM

SUI Token Faces Two Scenarios as Price Struggles to Break Key Resistance

Core Scientific Launches $400M Senior Notes Offering Core Scientific Launches $400M Senior Notes Offering Aug 15, 2024 am 09:04 AM

Core Scientific Launches $400M Senior Notes Offering

SUI Price Tanks 2% Amidst Insider Selling Allegations, Despite Robust Network Activity SUI Price Tanks 2% Amidst Insider Selling Allegations, Despite Robust Network Activity Oct 15, 2024 pm 07:12 PM

SUI Price Tanks 2% Amidst Insider Selling Allegations, Despite Robust Network Activity

SUI Network's Native Asset SUI Outshoots in Today's Downmarket With a 17.32% Rise in 24 Hours and a Massive 122% Growth in the Last 7 Days SUI Network's Native Asset SUI Outshoots in Today's Downmarket With a 17.32% Rise in 24 Hours and a Massive 122% Growth in the Last 7 Days Aug 12, 2024 pm 09:16 PM

SUI Network's Native Asset SUI Outshoots in Today's Downmarket With a 17.32% Rise in 24 Hours and a Massive 122% Growth in the Last 7 Days

Sui Token Rally Raises Insider Selling Concerns, $400M in Tokens Reportedly Sold Sui Token Rally Raises Insider Selling Concerns, $400M in Tokens Reportedly Sold Oct 15, 2024 pm 06:52 PM

Sui Token Rally Raises Insider Selling Concerns, $400M in Tokens Reportedly Sold