Recently, allegations that the Sui Foundation sold over 400 million dollars of local tokens, during which there was a 104% increase in the SUI token price, have been on the agenda. The Foundation made an official statement against these rumors and denied the allegations. However, despite the market-wide increase, the price of SUI fell by 2%.
Details of Sales Claims
Crypto analyst @lightcrypto claimed that wallets affiliated with the Sui Foundation have sold $400 million worth of SUI tokens in the last few months. The analyst stated that a particular address had withdrawn 82.6 million SUI tokens, worth approximately $184 million, from its staking account as of the end of June. These transactions were made at high frequency and in small amounts and transferred to major exchanges such as OKX, Binance and Bybit. The claim that the staked SUI tokens came from an address belonging to the Sui Foundation attracted attention.
Statement from Sui Foundation
The Foundation denied these allegations in a statement made on the social media platform X. The statement included the following statements:
There has been no insider selling by the Foundation, Mysten Labs employees or investors. The sales took place in accordance with the circulating supply plan and there was no violation of the predetermined rules.
It was also stated that the specific address mentioned by the analyst does not belong to the foundation or its members. In the statement, it was stated that the transactions mentioned by Light Crypto may be related to tokens held by Sui’s infrastructure partners and whose lock has expired.
Latest Situation and Future Expectations in SUI Price
SUI serves as the native token of the Layer-1 Sui blockchain platform, which aims for global adoption. SUI, which peaked at $2.34 on Monday, created selling pressure on investors following the developments.
Crypto analyst Ali Martinez warned investors to be careful when opening new SUI positions. Martinez stated that the TD Sequential indicator gave a sell signal on the weekly chart. Analysts point out the possibility that the price may experience a 43% withdrawal.
On the other hand, the Sui blockchain has exhibited strong network activity with increased interest in meme coin trading. According to DeFiLlama data, the trade volume on the chain has reached approximately 200 million dollars. With this increased interest, Sui’s total value locked (TVL) rose to $1.13 billion, marking a major milestone for the network.
Market Impact and Long-Term Outlook
The statement made by the Sui Foundation found wide repercussions in the crypto community. Although the foundation’s statement that it has not made any insider sales calms the uncertainties to some extent, it is observed that investors continue to act cautiously.
Sui’s infrastructure strength and increased network activity indicate that the token has solid potential in the long term. However, market dynamics and ongoing rumors may continue to influence the price of SUI in the coming days. Therefore, investors need to follow the developments closely and analyze the market carefully.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
