As a seasoned crypto investor who has weathered multiple market cycles, I must admit that the recent fluctuations in SUI‘s price have been intriguing. The token’s resilience amidst the broader downturn, coupled with its impressive 90% surge just two weeks ago, is reminiscent of a rollercoaster ride that we all have come to know too well in this space.
The Sui Network, a competitor to Layer-1 blockchains like Ethereum (ETH) and SUI token, has experienced considerable price changes over the past 24 hours. This shift comes after a week of decline that led to a decrease in SUI’s market worth. For quite some time, the L1 blockchain token found it challenging to maintain its position, much like other cryptocurrencies.
At the moment, Bitcoin (BTC) is experiencing a decline, with its current price at $59,809.72 – a drop of 0.28% over the past 24 hours. Similarly, SUI has also seen a 0.33% decrease during this period and is trading at $0.8429. Today’s session for SUI has been quite volatile, as it traded between a low of $0.7648 and a high of $0.8495.
The Sui Token Unlock Event
This perspective indicates that Sui’s value is tending to stay close to a specific level. Investors of SUI are eagerly anticipating a forthcoming token release event, which may be causing some careful trading decisions.
At precisely 12:00 AM UTC on September 1, 2024, I’ll be looking forward to an anticipated event. As per TokenUnlock, this event is set to mark the distribution of approximately 64.19 million SUI tokens.
Approximately 11.49 million tokens will be made available first, marking a substantial launch for HOPR, followed by the distribution of around 63.64 million more tokens.
Be vigilant for Sui’s monumental token unlock on September 3—a pivotal event to watch out for.
Prepare for fluctuations in the market. Familiarize yourself with
— Helen Boyd (@unolu21679521) August 29, 2024
As a crypto investor, I’m looking at an approximately 2.47% expansion to my current holdings if I decide to add these tokens. Given the current market value of SUI, this equates to around $54.57 million worth of tokens being unlocked. At present, roughly 26% of the total supply has been released, with a total of 2.60 billion SUI already unlocked.
A substantial majority, approximately 52.17%, or 5.22 billion units, remains restricted within the “To-Be-Determined Locked” category.
Approximately 21% of the total number of tokens are currently locked, which equals around 64.19 million SUI tokens. These tokens entered circulation on August 1, 2024, and were estimated to be worth approximately $45.41 million at that time.
Once released, the move could impact further on the price of SUI.
SUI Trend among Top Cryptocurrencies
Two weeks ago, SUI was leading the pack among the top 100 cryptocurrencies following a remarkable 90% surge in its value, which peaked at $0.9703. However, the token failed to break through the $1 resistance level and was subsequently traded.
Meanwhile, Andrew Kang, founder of Mechanism Capital, highlighted a few reasons for this bullish trend.
As a crypto investor, I’ve noticed some key factors that have been driving the surge in popularity for SUI recently. These include endorsements from influential figures, sizeable over-the-counter bids, and a robust user base that outnumbers major token unlocks. In my view, these elements have played a significant role in boosting SUI’s visibility and appeal in the crypto market.
Kang additionally noted that a recent technological advancement could potentially enable novel and creative uses within the SUI ecosystem. In the long run, the aim is to surpass Ethereum as the leading platform for executing smart contracts.
Although SUI is progressing rapidly, it’s important to note that there are other notable competitors in the field such as Cardano, Solana, and Avalanche that SUI must continue to outperform.
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2024-08-29 17:00