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The Sui Foundation has strongly denied allegations of insider selling after claims surfaced of a $400 million SUI token selloff by insiders. This had sparked widespread backlash within the cryptocurrency community.
Sui blockchain denies $400 million insider trading allegations following a rapid SUI token price surge, stating that no insiders sold tokens and suggesting the suspicious wallet belongs to an infrastructure partner under lockup.
With the crypto market taking a bullish reversal this week, Bitcoin momentarily topped the $66,000 mark. Amid the increasing bullish momentum, the SUI token marks a new all-time high at $2.3661. However, despite the bullish recovery this week, the lack of bullish exhaustion leads to a minor pullback in the altcoin.
The Sui Foundation has denied allegations that insiders sold $400 million worth of SUI tokens during the recent price surge, asserting that lockups are being properly enforced.
The digital assets industry turned green on Tuesday as Bitcoin jumped from $63,910 to a daily high above $66,400. Positive developments such as increased crypto recognition by US presidential candidates contribute to BTC's upward strength.
The SUI price has come under pressure following allegations of insider selling related to the Sui Foundation, despite a robust 104% rally over the past month. Recent scrutiny intensified when crypto analyst @lightcrypto highlighted suspicious wallet activity, indicating that wallets associated with the Foundation redeemed and transferred over 82.
Crypto Market Update: The crypto business has continued an uptrend, with its market cap increasing by 2.25% in 24 hours to $2.28 trillion. The positive sentiments have pushed the Fear & Greed index's reading to a neutral score of 56. As a result, the trading volumes have surged by 56.
The concerns point to allegations that insiders had taken advantage of SUI's rapid rise last month by selling $400 million worth of tokens.
Bitcoin displayed acute strength and reached highs above $66,000. This move made the market participants hopeful of the next price action, including the other altcoins. However, despite the sluggish BTC price action, the SUI price made huge rounds as it remained elevated.
The claim surfaced as pseudonymous crypto analyst Lightcrypto alleged that insiders sold $400 million worth of Sui during the recent rally.
Reports of the Sui Foundation insider selling of more than $400 million worth of native tokens have come amid a staggering 104% SUI price rally over the past month. The Foundation has responded to this clearing the air on the matter with the native cryptocurrency SUI dropping 2% despite the broader market rally.
The Sui Foundation has strongly refuted allegations of insider token sales amounting to $400 million, as the SUI token reaches a new all-time high. This denial comes in response to claims made by an on-chain analyst named Light, who raised concerns for the sudden surge in the price of SUI.
The SUI token surged, leading to allegations of Sui insider trading by the crypto community.
A widely followed crypto strategist and trader believes that steep rallies are in store for one Solana (SOL) challenger.
The native token for the Layer-1 blockchain network, Sui, is now the best-performing crypto in 2024 after over 6% gain in the last 24 hours. According to data shared by pseudonymous crypto trader ToreroRomero, SUI has overtaken The Open Network (TON) token Toncoin as the best performer year-to-date.
Layer-1 blockchain network Sui has become the standout performer in the crypto market after a more than 2x rise in value this year. According to CryptoSlate data, Sui's native token is up roughly 185% year-to-date, reaching an all-time high of over $2.2.
Toncoin held the top spot in year-to-date gains, but Sui has recently surged past, with an impressive 180% YTD growth.
TL;DR Sui has experienced a 120% increase in its value in a month, reaching $2.24, which has sparked investor interest. However, allegations of insider selling by investors have emerged, which could affect confidence in the token. Investors face a dilemma: capitalize on Sui's growth or consider the risk of market manipulation.
October greets multiple large-cap altcoins with impending $500M token unlock action: shall investors be concerned?
Sui (SUI) has surged to a new all-time high of $2.30 on Monday, driven by a spike in on-chain activity and increased interest in its blockchain capabilities.
Despite the concerns, the SUI token staged an over 120% rally in the past month.
Let's continue with our column on crypto analysis, with market statistics and news of SUI, Kaspa (KAS), and Ethereum (ETH).
As the SUI surged past $2, the bulls utilised all their strength to push the price beyond the current ATH. Now that the price has achieved new highs at $2.36 during the early trading hours, the traders appear to have become optimistic about the next price action.
