An insider reportedly sold over $400M in Sui tokens during a 104% price surge, leading to a 2% decline and a response from the Foundation.
There have been reports that an insider from the Sui Foundation has sold native tokens valued more than 400 million dollars. These reports come in the midst of a spectacular 104% price increase for SUI over the course of the previous month.
Sui Foundation Faces Allegations of Insider Selling
Despite the overall market rally, the native cryptocurrency SUI fell by 2%, prompting the Foundation to address the issue. Additionally, the Foundation has clarified the situation.
The well-known cryptocurrency analyst @lightcrypto revealed this information on the X platform, stating that wallets affiliated with the Sui Foundation sold more than 400 million dollars’ worth of SUI tokens during the recent price surge.
Over 82.6 million SUI tokens, with a total value of approximately $184 million, have been redeemed from the stake account 0x7f3b…3239e4 by an address that has been identified as 0xbe90…950aa8 since the end of June, according to the analyst.
Additionally, the wallet was responsible for the transmission of SUI tokens to large exchanges such as OKX, Binance, and Bybit through a series of tiny transactions that occurred very often. It should be noted that the SUI tokens that are stored in the stake account 0x7f3b…3239e4 originate from the address 0x341f…17fae1 belonging to the Sui Foundation.
The Sui Foundation further disclosed that Light Crypto failed to disclose the precise address, foundation members, or workers who had sold tokens. Additionally, the Sui Foundation stated that no insiders or employees have sold tokens. According to their interpretation, Light was referring to Sui’s infrastructure partners, who are in possession of tokens in compliance with the lock-up period.
It is the native cryptocurrency of the Layer-1 Sui blockchain platform, which satisfies the demand for worldwide adoption through a platform that is both secure and scalable SUI is the digital currency. The recent disclosures about insider selling by the Sui Foundation have exerted some selling pressure on SUI, which reached a new all-time high of $2.34 on Monday.
Ali Martinez, a well-known cryptocurrency expert, has issued a warning signal, advising investors to construct new SUI positions. Martinez brought attention to the fact that the TD Sequential indicator, which has been able to successfully forecast the movements of the SUI price on the weekly chart, is now indicating a decision to sell.
A few market professionals have also predicted a 43 percent decline in SUI in the near future. The increasing popularity of trading among meme coins drove a significant increase in network activity on the Sui blockchain. DeFiLlama’s information indicates that the blockchain’s trading volume has surpassed $200 million.
As a result of this increased activity, Sui’s total value locked (TVL) has reached a new all-time high of $1.13 billion, which is a huge accomplishment for the blockchain.
