Key Points:
Read more: Sui Foundation Withdrawal: 117 Million SUI Recovered from Market Makers
Investors voiced concern that insiders might be selling tokens during rallies in prices, subsequently taking advantage of the surge. Some claims suggested that insiders sold as much as $400 million in SUI tokens.
Following these claims, the Sui Foundation took to X to make its remarks on the accusation. The Foundation categorically denied these accusations, stating that no insider trading of Sui had taken place by its employees, founders, or investors at either the Foundation or Mysten Labs on that scale during the price increase. They also stressed that there had been no violations of lock-up periods or the circulating supply schedule.
The post was in direct response to a claim by a pseudonymous crypto analyst known as Light, who had started the debate on possible Sui insider trading. The Foundation speculated, despite there being no evidence to this effect, with no specific wallet address provided to which the supposed transactions were made, that the wallet in question most probably belonged to one of its infrastructure partners with tokens subject to lock-up.
The parabolic rise of SUI to $2.22 drew the attention of the cryptocurrency community, which was concerned about the impact the large token holders could have on the market. In general, substantial sales by such significant insiders tend to drive the price of a token down, which usually raises suspicion over such a price increase.
Besides all these allegations, SUI was mostly doing well in the market because the network activities have gone up, and big volumes of transactions were recorded in the previous months.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Cryptocurrency has come a long way since its early days. With the rise of Bitcoin…
Cayman Islands, Cayman Islands, 14th November 2024, Chainwire
Bitcoin Spot ETF Inflows have reached $510 million as of November 13, marking six consecutive…
Solana DEX trading volume reached historic highs, exceeding $5 billion daily for three days. Raydium…
Phantom iOS users are warned that a recent app update caused some users to log…
Japanese crypto exchange Coincheck is set to become the first Japanese crypto exchange to list…
This website uses cookies.