As Cointelegraph reported, the SUI token’s recent price surge of 120% to $2.25 has sparked allegations of insider selling. SUI has risen more than 16% in the past week.

According to anonymous crypto analyst Light, wallets associated with the SUI initial coin offering (ICO) sold more than $400 million worth of tokens during this period. Light said insiders began selling heavily when prices were low and accelerated their selling as prices rose.

On October 23, $114 million worth of SUI tokens will be unlocked, equivalent to 2.32% of the circulating supply. Currently, more than 28% of the SUI token supply has been unlocked.

According to Coincarp data, of the total SUI token supply, 14% is allocated to investors, 10% is allocated to the Mysten Labs Treasury, and 50% is allocated to the community reserve.

While the SUI token may continue to gain momentum, the massive sell-off has raised concerns among new investors. Light said that insiders selling tokens to retail investors can only have one ending.

The SUI token is up more than 164% year-to-date. Some analysts believe that the Sui network could become a strong competitor to Solana and become a leading Layer-1 blockchain.