Coinspeaker Ethereum Rival Sui Network to Unlock 64M Tokens, Implication for Price
Layer-1 blockchain and Ethereum (ETH) rival Sui Network (SUI) has seen significant fluctuations in its price during the last 24 hours. This follows a week-long downturn that triggered a dip in SUI’s market value. For a long while, the L1 blockchain token struggled to find its footing, as with other cryptocurrencies.
Even Bitcoin (BTC) is grappling with a downturn. At the time of writing, Bitcoin is trading at $59,809.72, corresponding to a 0.28% dip within the last 24 hours. SUI registered a 0.33% dip for the same period and traded at $0.8429. Only today has the token traded between a low of $0.7648 and a high of $0.8495, indicating a relatively volatile session.
The Sui Token Unlock Event
This outlook suggests that Sui is gradually moving within a narrow range. SUI investors are looking forward to an upcoming token unlock event, a development that might have sparked cautious trading behaviors.
The event will be held at 12:00 AM UTC on September 1, 2024. According to TokenUnlock, this will involve the release of 64.19 million SUI.
will release around 11.49 million tokens, followed by HOPR's significant rollout of about 63.64 million 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
Adding these tokens to the circulating supply implies a 2.47% boost to the current stack. Based on the current market value of SUI, the tokens to be unlocked are equivalent to $54.57 million. About 26% of the token supply has been released, with the current unlocked amount totaling 2.60 billion SUI.
The most significant portion of the supply, 5.22 billion SUI or 52.17%, is still locked under the “TBD locked” category.
These locked tokens amount to 21% of the overall supply. These 64.19 million SUI tokens were added to the circulating supply on August 1, 2024, and were valued at approximately $45.41 million at the time.
Once released, the move could impact further on the price of SUI.
SUI Trend among Top Cryptocurrencies
Two weeks ago, SUI was trending as the top performer among the top 100 cryptocurrencies after seeing a remarkable 90% increase in its price. The token was traded for as much as $0.9703, as it got rejected at the $1 resistance level.
Meanwhile, Andrew Kang, founder of Mechanism Capital, highlighted a few reasons for this bullish trend.
First, he discussed the significant endorsements from influential figures, substantial over-the-counter (OTC) bids, and a strong user base that trails major token unlocks. In his opinion, these factors contributed to SUI’s popularity in recent times.
Kang also pointed out that a recent technical upgrade could facilitate new and innovative applications on the SUI platform. Ultimately, the goal is to outcompete Ethereum as the functional platform for smart contracts.
While SUI is making impressive advances, the protocol still has other rivals like Cardano, Solana, and Avalanche to contend with.
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Ethereum Rival Sui Network to Unlock 64M Tokens, Implication for Price
