Sui Token in Tough Fight to Regain its Position Despite Denial

The ups and downs in the SUI token prices stirred the crypto world and the Sui Foundation, an independent organization growing long-term value in the Sui ecosystem. The foundation released its native token SUI in May 2023, to offer tough competition to the existing cryptocurrencies. Despite instant transactional finality, high transaction speed, and reduced latency in smart contract deployment, the token plummeted.

The Ups and Downs in Sui Token

On October 18, the price of SUI shocked the crypto world. The coin experienced a decline of 7% in two days. On October 16, the SUI price was around $0.41 and fell to $0.37 on October 18. The same was confirmed by the Sui Foundation on October 18, in response to the report from South Korean news outlets BlockMedia and TechM.

A post on the X platform by the Sui Foundation declared no specific reason behind the same, considering the situation as unfounded and materially false. “We are trying our best to report and address some inaccuracies that have been reported in order to offer SUI a strong position in the marketplace”, said the Sui Foundation in the report.

The value of SUI plummeted after allegations of supply manipulation from regulatory officials in South Korea. The published report states the launch of an investigation into the distribution of Sui tokens following allegations. The allegations were majorly made by Representative Min Byeong-deok, a lawmaker from the Democratic Party of Korea.

The allegation was related to paying itself (Sui Foundation) interest by staking coins that should have remained in the non-circulating supply. In addition to this, the Sui Foundation has falsified the amount in circulation. Also, SUI has fallen more than 67% in the past 5 months due to receiving self-interest by staking.

The South Korean lawmakers are looking for a better crypto in the country and wish to better regulate crypto legislation. Sui Foundation took the allegations seriously and tried to address these inaccuracies as soon as possible.

Current Stats and Performance

SUI, the native token of the Sui Foundation, experienced ups and downs in the past few months. Considering the current performance of the respective token, the SUI price is $0.3674, a decline of 2.37% in the past one day with zero market cap. The 24-hour trading volume of the SUI token is $68,850, an upsurge of 350.22% in the past 1 day. The circulating supply of SUI tokens is not available for now and the total supply is 10 Billion SUI coins.

The token is currently available at crypto exchanges including DeFiChain DEX, Bitlo, Blofin, and Gate.io. With addressing the issues, the token is expected to hit new heights soon.

Conclusion

SUI token has become a hot topic of the day, due to the sudden decline in its price value as well as allegations made by regulatory officials in South Korea. Sui Foundation was accused of paying self-interest by staking coins that should have remained in the non-circulating supply. The Sui Foundation is trying its best to address these allegations.