The SUI token has seen a significant rise in value, increasing over 120% in the past month, but this price rally has brought up concerns about potential insider selling. Despite the positive market movement, with the token trading at $2.25 as of October 14, cryptocurrency analysts are raising red flags about large-scale sales by insiders.
According to a crypto analyst known as “Light,” wallets linked to the SUI initial coin offering (ICO) are believed to have sold more than $400 million worth of tokens during this price surge. The analyst claims that these insiders, which likely include major institutional wallets, had already started selling tokens when prices were lower and have ramped up their sales as the token reached higher values.
Summary Review: The SUI token has experienced a 120% price increase over the last month, but allegations of insider selling have surfaced. Analysts suggest that wallets linked to the initial SUI offering have sold $400 million in tokens during this period, raising concerns among investors about the nature of the sell-off amid the token’s price rally.
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