SUI Loses $2 Peg in 20% Slide Post-Insider Dump Saga

The downward spiral has reversed the positive sentiment fueled by its week-long rally.

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  • The SUI token has reversed its trajectory.
  • The tokenโ€™s performance in recent weeks has been largely positive.
  • SUI recently faced allegations of insider sell-offs.

The recent resurgence of SUI, the native token of the layer-1 blockchain Sui, took the crypto market by surprise. It smashed through seven months of struggle to reach new price highs. The rally saw SUI reclaim its $2 peg, lost back in March 2024, setting a new all-time high that quickly fueled positive sentiment across the ecosystem.

However, in its inability to hold its gains, the token has once again dipped below the recently reclaimed peg.

SUIโ€™s Downward Spiral 

Following a week-long ride on an upward momentum, SUIโ€™s performance has taken a turn for the worse. The token is trading around $1.88 at press time, marking an approximate 20% slip from its $2.34 all-time high.

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The decline commenced on October 14, coinciding closely with an analyst’s concerns over the tokenโ€™s stability. Crypto analyst Lightโ€™s allegations centered around uncertainty over the accuracy of SUIโ€™s positive performance, suggesting it might be a facade misleading retail investors.

Light further highlighted that SUIโ€™s rapid ascent was ‘baffling‘ and claimed that insiders had offloaded over $400 million worth of tokens despite the price surge.

However, the Sui network swiftly debunked the claims as baseless, assuring that no misconduct or significant token dump is occurring among insiders. Despite the recent price slip, SUI remains among the top 50 cryptocurrencies by market capitalization, up 23% over the past month.

On the Flipside 

  • Sui recently unveiled its first incubator hub in Dubai. 
  • The ongoing market volatility could also be a factor for SUIโ€™s decline.
  • Bybit recently incorporated SUI into its launchpool platform.

Why This Matters

The crypto market is known for its volatility, so token price declines arenโ€™t uncommon. However, the timing of the crypto analyst’s concerns and SUI’s sharp drop may spark speculation within the community, leading to questions about whether this is merely a coincidence or something more significant.

SEC Chair Gary Gensler is doubling down on his approach to crypto regulation; find out more here:
Gary Gensler’s โ€œSweet 16โ€ BTC Wish Won’t Slow Crypto Crackdownย 

SUI and a few other tokens are set for a token unlock this month. Discover more here:ย 
ARB, SUI, WLD Set for Heaviest Token Unlocks This October

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.

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Grace Abidemi

Grace is a crypto reporter for DailyCoin, covering a diverse range of market updates. Grace has minor holdings in Bitcoin & Solana, and moderate holdings in Rune & XRP.

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