SUI Token Struggles Despite Denial of ‘Unfounded' Allegations

The SUI token had a hard time recovering after dropping over 9% due to accusations from South Korean regulators. They claimed that the Sui Foundation manipulated the token's supply for their benefit.

Timeline of Sui

Binance's US arm is updating the way it lists crypto assets by giving traders advance notice when it is considering adding trading support for a new token. Binance.US says the new procedure aims to provide additional transparency to its listing process.

Sui Foundation announces the reallocation of 117 million SUI tokens from external market makers to support the growth of its Layer 1 blockchain network, Sui. The move aims to bolster the network's DeFi ecosystem, which recently recorded its highest-ever total value locked (TVL) at approximately $37 million.

In a significant leap towards simplifying the onboarding process for Web3 applications, the Sui Network has introduced a groundbreaking feature called zkLogin (Zero Knowledge login). This innovation enables users to access decentralized applications (DApps) without the need for external crypto wallets or seed phrases.

Key Points: The SUI coin has been hit hard, experiencing a staggering 65% price plunge since its mainnet debut over three months ago. Starting at a peak of $1.4, the coin's value has tumbled to a mere $0.5 at present, causing concerns within the crypto community.

The Sui network recently went on a thrilling rollercoaster of events, witnessing a remarkable surge in transaction volume. Daily transaction block numbers skyrocketed from a modest 200,000 to over 6 million in a single day, driven by the launch of the Web 3 game “Bullshark Quests.

Sui network's persistent growth propelled it into the league of the top 100 cryptocurrencies by market capitalization, but the value of the SUI token has been on a downward trajectory. Sustaining this heightened market position presents difficulties, as demonstrated by the recent performance of the Sui token's value.

Sui Foundation has ended its relationship with the decentralized exchange MovEX following a breach of contract. The foundation alleged that MovEX had released a significant amount of SUI tokens – subject to a contractual lockup – into circulation.

Sui Foundation has cut all ties with decentralized exchange MovEx, citing multiple contract violations. The Foundation allegedly paid $2.5 million SUI to MovEx for developing DeepBook, the network's native order book.

Sui Network has achieved a remarkable milestone, with on-chain data revealing that the number of daily transactions has surged to an unprecedented 28.63 million, marking a new all-time high since the launch of its mainnet.

After the launch of the mainnet on May 3, the SUI token fell into a deep downtrend, which has caused the price to drop by more than 87%. Low user numbers and poor on-chain data have severely clouded the outlook.