Hold onto your crypto hats, folks! The Sui Foundation is setting the record straight, and they're not holding back. They've made it crystal clear that no sneaky insider sales of their native token, SUI, have occurred. The plot thickens as this layer-1 blockchain powerhouse tackles rumors of a whopping $400 million token sell-off during SUI's recent meteoric rise.
In a bold tweet, Sui Foundation clarified that the wallet in question is likely owned by an infrastructure partner, and all actions are in line with the official lockup schedule. So, no funny business here!
But wait, there's more! The crypto world was abuzz when a mysterious trader known as Lightcrypto shared their bewilderment over SUI's impressive rally. The big question: can SUI really follow in Solana's footsteps? Lightcrypto isn't convinced.
At one point, SUI was trading at a fully diluted valuation (FDV) of $23 billion, a quarter of Solana’s valuation. But as of now, things have cooled to $21.33 billion. Despite a 96% surge in the last month and a 10% boost this week, the insider trading drama knocked the coin down 5% in the past 24 hours, landing it at $2.13.
Lightcrypto speculates that the rally might be fueled by a market hungry for winners, but thinks the reasons are less than ideal. The trader claims insiders have been cashing out big time, selling $400 million worth of SUI as prices soared.
But fear not, Sui Foundation is adamant that no insiders or employees, including those from Mysten Labs, have jumped the gun on selling. The foundation is keeping a close eye on things and ensuring that everything sticks to the supply schedule.
While the wallet behind the sales remains a mystery, it's suspected to be a compliant partner working within the rules. The Sui Foundation is standing firm, keeping tabs, and making sure the crypto ship stays on course. So, buckle up, and let's see where this rollercoaster goes next!
