SUI, HBAR Dip Despite New Partnerships Ahead of Token Unlock

$SUI daily trading volume skyrockets to $800 million, but crypto traders are confused about the reasons.

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  • Both emerging altcoins have plunged by double digits.
  • Major upcoming token unlock for Hedera Hashgraph totals 3.84% of the supply.
  • HBAR hit 16 billion transactions on the mainnet after the Hyundai partnership.

Emerging altcoins Sui (SUI) and Hedera (HBAR) scored momentous partnerships earlier this year but fell into the bear trap along with most other large market-cap alternative cryptos. As a result, Hedera’s native cryptocurrency plummeted by 4.5% in the last 24 hours, totaling the weekly losses to 14%.

Live on-chain data indicates an upcoming 1.15 billion $HBAR token unlock event pouring $62 million worth of HBAR tokens into circulation on September 1st, 2023. As the unlock event looms, HBAR dropped out of the TOP 30 by global crypto market cap and trades in a descending triangle at $0.053135, according to CoinGecko.

SUI & HBAR Retrace Bull Runs

Hedera’s directed acyclic graph is a one-of-a-kind blockchain using distributed ledger technology to deliver fast and secure crypto payments. Major car manufacturers like Hyundai and Kia recently acknowledged this. The companies implemented Hedera’s AI technology for carbon emission tracking in a crusade to fight climate change.

Both the SUI Foundation and Hedera Hashgraph introduced tangible innovations into the cryptosphere. To illustrate, the SUI blockchain similarly runs on Move technology to Aptos (APT). The unlimited scaling opportunities onboarded 600,000 active users in just over three months since launch.

However, that didn’t stop the native token $SUI from getting caught up in the crypto meltdown initiated by the U.S. Securities and Exchange Commission (SEC), which appealed Federal Judge Analisa Torres’s favorable ruling for Ripple in a high-profile XRP lawsuit. At press time, $SUI is close to $0.512020, sliding further by 5.6% in the last 24 hours and triggering dextremum, according to Crypto Scalps Bot

On a brighter note, crypto traders point to an ultra-rare falling wedge pattern on $SUI’s monthly technical charts. The geometric figure hints at a breakout possibility if $SUI holds above $0.50 key support but is currently encountering resistance from the MA 100 (Moving Average).

On the Flipside

  • Crypto traders on Twitter argue that the $800 million trading volume for the #95 ranked $SUI token encompasses many exit positions; some traders use it as shorting tactics.
  • SUI’s token unlock event on August 31st, 2023, at 3:00 AM, aims to increase staking subsidiaries on the network and only sums up to $535,000 compared to Hedera’s $62 million.

Why This Matters

Token unlock schedules are an efficient way to track cryptocurrency allocation in public blockchain networks.

Read DailyCoin’s top crypto news:

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.