Sui Foundation, the non-profit organization behind the layer-1 blockchain and ecosystem, has debunked allegations of insiders selling $400 million worth of the network\u2019s native token, SUI since the asset began its remarkable rally.<\/p>\n
According to a tweet<\/a> from the foundation, the wallet address involved in the sales likely belongs to an infrastructure partner, and the token releases align with Sui\u2019s lockup schedule.<\/p>\n On October 14, pseudonymous crypto trader and analyst Lightcrypto took to X to outline a \u201cbaffling\u201d occurrence they had noticed in the last few weeks: the dramatic rally of SUI. Lightcrypto questioned<\/a> the basis for the surge from a risk-reward perspective, insisting that the belief that SUI can follow in Solana\u2019s (SOL) footsteps is no longer sustainable.<\/p>\n The crypto analyst further questioned if SUI had shown a quarter of Solana\u2019s potential, even as the coin was trading at a $23 billion fully diluted valuation (FDV) at the time, a quarter of Solana\u2019s valuation.<\/p>\n Data from CoinMarketCap shows<\/a> Sui\u2019s FDV has fallen to $21.33 billion at the time of writing. The asset has rallied<\/a> 96% in the last 30 days and roughly 10% in the past week. However, the insider trading allegations pulled the coin down 5% in the past 24 hours to $2.13.<\/p>\n Lightcrypto believes Sui\u2019s rally results from the crypto market being starved for winners and having found one for awful reasons. According to the trader, insiders, including a large foundation wallet, have sold $400 million worth of SUI throughout the surge. They began offloading the tokens at much lower prices and have increased their selling with the price surge<\/a>.<\/p>\n \u201cIt does not bring comfort that the people building this ecosystem, the people who arguably know this token\u2019s value best, are unloading hundreds of millions of dollars of the token into less informed buyers chasing momentum,\u201d Lightcrypto added.<\/p>\n The Sui Foundation insists that no insiders, employees, or SUI investors, including individuals from its core contributor, Mysten Labs, have engaged in any preemptive selling of the coin or the violation of its supply schedule.<\/p>\n However, since Lightcrypto did not identify the wallet address making the sales, it is believed that a compliant partner of the foundation is carrying out the actions. Notably, the foundation monitors and enforces the supply schedule, which is enforced by qualified custodians.<\/p>\n The post Sui Debunks $400M Insider Trading Claims, Says Sales Are From Infrastructure Partner<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Sui Foundation, the non-profit organization behind the layer-1 blockchain and ecosystem, has debunked allegations of insiders selling $400 million worth of the network\u2019s native token, SUI since the asset began its remarkable rally. According to a tweet from the foundation, the wallet address involved in the sales likely belongs to an infrastructure partner, and the […]<\/p>\n","protected":false},"author":0,"featured_media":14032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-14031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/14031"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14031"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/14031\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/14032"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}$400M SUI Insider Trading Allegations<\/h2>\n
SUI Sales by Compliant Partner<\/h2>\n