According to recent data, the SUI token has become the fastest-growing crypto asset of 2024, surpassing Toncoin. Its value increased by over 6% in the last 24 hours, with a year-to-date growth of 170%.

Why is SUI Performing Well?

SUI’s success is largely due to increased network activity and significant transaction volumes. The Sui network has become the third-largest in net flows in the crypto industry, after Solana and Ethereum. The growing interest in the network is also fueled by DeFi protocols and the integration of stablecoins such as Tether USDT and Circle USDC. Furthermore, the listing of SUI as an investment product by leading digital asset manager Grayscale has bolstered its prominence among institutional investors.

Concerns About Insider Sell-Offs

Recently, there have been concerns regarding insider sell-offs of SUI tokens. An anonymous crypto analyst, Light, noted that during the current price rally, SUI tokens worth $400 million have been sold by wallets linked to the ICO. This raises concerns about potential pressure on token prices and their subsequent fall. Nevertheless, despite these sell-offs, SUI's value continues to rise.

What is the Outlook for SUI?

In the coming weeks, SUI may come under more pressure as $114 million worth of tokens, representing 2.32% of its supply, is set to be unlocked by October 23. Currently, about 28% of the SUI supply is unlocked. It's crucial to monitor market sentiment as the token remains on an upward trajectory.

SUI has demonstrated remarkable growth in 2024, surpassing many expectations. It will be important to keep an eye on its further development and the market's reaction to internal token sales, which could affect its future value.