As a seasoned crypto investor with battle-scarred fingers from navigating countless market fluctuations, I must admit that the current SUI price movements have piqued my interest. Having witnessed multiple bull and bear runs, I’ve learned to read between the lines of token unlock events and market trends.
Over the past day, I’ve noticed some dramatic ups and downs in the value of my Sui (SUI) investments, which operates as a layer 1 blockchain. This volatility follows a challenging week where the SUI price has been struggling to maintain its ground due to a series of downturns.
Currently, many cryptocurrency markets are holding steady rather than making significant gains or losses, with Bitcoin hovering slightly below the $60,000 threshold. At the same time, Sui is maintaining a narrow price range as investors eagerly await an upcoming token release event, leading to a more cautious trading approach.
Sui Price Fluctuates Ahead of Upcoming Token Unlock Event
According to TokenUnlocks, a significant token release is scheduled for 12:00 AM UTC on September 1, 2024. This event will add approximately 64.19 million SUI tokens to the available supply, accounting for about 2.47% of the current total.
Approximately $54.57 million is the projected value of these tokens when they are made available, and so far, about 26% of the entire token supply has been unveiled, equating to a currently unlocked amount of around 2.60 billion SUI.
Approximately 52.17% of the total supply, equivalent to 5.22 billion SUI, is currently locked within the “TBD locked” category. This amounts to around 21% of the entire supply. After a previous release on August 1, 2024, an additional 64.19 million SUI tokens, valued at $45.41 million, entered the circulating market.
In the last 24 hours, the value of the Layer 1 token has seen minor ups and downs in the cryptocurrency market. At the time this was written, the SUI price stood at approximately $0.8279, representing a slight drop of 0.39%. The token’s price fluctuated between $0.7648 (its lowest point) and $0.8495 (its highest point), suggesting a rather volatile trading day.
Sui’s Total Value Locked Exceeds $608 Million
As a researcher delving into the realm of DeFi, I’ve been closely monitoring the progress of Sui. Recently, it’s reached an impressive landmark – its Total Value Locked (TVL) has soared beyond $608 million. This surge underscores Sui’s growing influence within the decentralized finance (DeFi) industry.
The system stands out for its flexible structure and intuitive tools, consistently drawing substantial financial backing and involvement. As per DeFiLlama’s statistics, the value locked (TVL) in Sui is on a steady rise, indicating growing trust and liquidity within the Sui community.
Should the pessimistic outlook continue, the Sui price might first settle around $0.8. If the negative trend intensifies, there’s a possibility it could fall to $0.7. After the token unlock events, there’s potential for Sui’s value to dip down to $0.6.
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2024-08-29 13:10