Recently, claims surfaced suggesting that the Sui Foundation sold over $400 million worth of tokens during a period of price surge. The foundation officially denied these allegations.
Details of the Sale Claims
Crypto analyst @lightcrypto claimed that wallets associated with the Sui Foundation sold $400 million worth of SUI tokens in recent months. The analyst noted that a specific address withdrew approximately $184 million worth of 82.6 million SUI tokens from a staking account since the end of June. These transactions were made frequently and in small amounts, transferring tokens to major exchanges like OKX, Binance, and Bybit.
Sui Foundation’s Statement
The foundation refuted these claims through a statement on the social media platform X. The statement noted that no insider sales occurred by employees or investors of Mysten Labs. Sales were conducted in accordance with the planned circulating supply, with no violation of predefined rules. Additionally, it was specified that the particular address mentioned by the analyst does not belong to the foundation or its members. The statement suggested that the transactions referred to by Light Crypto may pertain to tokens held by Sui's infrastructure partners that had completed their lock-up period.
Current Status of SUI Price and Future Expectations
SUI serves as the native token for the Layer-1 Sui blockchain platform, aiming for global adoption. SUI peaked at $2.34 on Monday, but recent developments exerted selling pressure on investors. Crypto analyst Ali Martinez advised caution for investors opening new SUI positions, noting that the TD Sequential indicator signaled a sell on the weekly chart. Furthermore, the Sui blockchain demonstrated robust network activity with increased interest in meme coin trading. According to DeFiLlama data, on-chain trading volume reached approximately $200 million, with the total value locked (TVL) rising to $1.13 billion.
The Sui Foundation’s statement resonated widely within the crypto community. While the foundation’s denial of any insider sales has somewhat alleviated uncertainties, investors continue to be cautious. The long-term potential of the token remains strong, but market dynamics and rumors may continue to influence SUI's price, requiring investors to closely monitor developments.