Brace For Impact: $18.7M In SUI Set To Flood The Market, What To Expect?
September 01 2023 - 3:00PM
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The Sui Network, known for its fast-paced growth and community
support, is on the verge of a notable event. On September 3rd, a
massive amount of SUI tokens, worth roughly $18.7 million,
will be unlocked. Given its nature and the significant sum
involved, this move could have some implications for the altcoin’s
market dynamics in the coming days. Related Reading: Altcoin Season
In Limbo As Bitcoin Dominance Bounces Off Key Support A Rewarding
Gesture For The Early Birds? The details surrounding this unlocking
event have been transparently shared with the public. According to
Token Unlocks, a crypto monitoring platform, this release will
encompass 35.6 million SUI tokens. This quantity represents roughly
5% of the current circulating supply and interestingly, a
predominant portion of these tokens could be earmarked for the
network’s early supporters. 🚨 Notable Unlocks Alert 🚨 🗓️ Save the
date [ September 3rd ] 🗓️ 🔓 In three days, 35.6 million $SUI will
be unlocked, equivalent to a value of 18.7 million dollars 🔥 Get
ready and mark your calendar! Reference:https://t.co/58X45YBAzy
pic.twitter.com/zVwTuECUaS — Token Unlocks (@Token_Unlocks) August
30, 2023 With this event, chances are that some of the scheduled
unlocked tokens could likely be used to reward SUI’s Active
Contributors and Early Supporters (ACES) program. As instituted by
the SUI developer, Mysten Labs, earlier this year, the ACES program
was crafted as a gesture of gratitude. It aimed to acknowledge and
reward those SUI discord members whose contributions were pivotal
before the altcoin’s mainnet launch. Moreover, alongside this
unlocking, data from Token Unlocks suggest that SUI also intends to
set aside a portion of the unlocked tokens for staking incentives.
What To Expect From SUI? With such a significant amount set to
unlock, the temptation to sell might arise for some early
supporters, especially if a portion is rewarded to Active
Contributors and Early Supporters. This could potentially lead to a
sell-off. Historically, massive token unlocks have sometimes
resulted in short-term price depressions, given the increased
market supply. Furthermore, the network, which has seen rapid
expansion, has also recorded a user base jump from 3 million to 5
million users in a mere 14 days and then further to 6 million
active accounts within another three days. Related Reading: Sei
Takes A Hit: Price Suffers 26% Plunge Amid Airdrop Claim Expansion
With an addition of approximately 1 million active accounts weekly
over recent weeks, such growth rates might cushion any potential
bearish impacts. 1 million new accounts in less than 12 hours 😱
pic.twitter.com/4dShywYoGn — Suipiens 🦍💧 (@suipiens) August 30,
2023 Meanwhile, ranking 89th among larger crypto by market cap, SUI
has seen a notable plunge of nearly 10% in the past 7 days. And
even in the past 24 hours, the bloodbath continues as the asset
records a 1.3% decline with a market price of $0.49 at the time of
writing. Featured image from Unsplash, Chart from TradingView
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