The Sui Network recently unlocked 64.19 million $SUI tokens, representing 2.47% of the circulating supply.
These tokens have been allocated for various purposes, including bolstering the community reserves.
Typically, token unlocks can create market volatility, often leading to either a price surge or a significant sell-off.
However, despite the token unlock, $SUI has maintained an upward trend since early September. The token has consistently established higher lows and has gained over 53% in price during this period, defying the usual post-unlock volatility.
Memecoins Under SUI Ecosystem Thrives
In addition to $SUI’s impressive performance, some meme tokens within the Sui ecosystem have also been making waves. One notable example is @blubsui’s $BLUB token, which saw a meteoric rise from under $100,000 in market capitalization to peaking at over $26 million. This surge in meme tokens is further contributing to the ecosystem’s growing momentum.
About 2 weeks ago, I mentioned a couple of protocols with token unlocks and @SuiNetwork was one of them.
The protocol unlocked 64.19 million $SUI which makes up 2.47% of its circulating supply, and they used these tokens for various purposes including the community reserves.… pic.twitter.com/qWLDyVOtXc
— Lord Crypto (@lordcrypto__) September 16, 2024
Given this sustained upward trajectory, there is speculation that $SUI could be on track to challenge its previous all-time high (ATH) of $2.2. With the continued development of the ecosystem and the rising interest in both $SUI and its associated meme tokens, the token appears poised for further growth.
As the Sui Network continues to unlock more of its tokens and expand its ecosystem, all eyes will be on whether $SUI can maintain its momentum and potentially reach new highs in the coming months.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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