The Sui Network, a rapidly expanding community with strong support, is about to experience a significant event. On September 3rd, a substantial amount of SUI tokens, valued at approximately $18.7 million, will be unlocked. This action could potentially impact the market dynamics of the altcoin in the upcoming days.
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$18.7M in SUI to flood market, what to expect?
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
During the upcoming event, it is possible that some of the unlocked tokens will be used to reward SUI's Active Contributors and Early Supporters (ACES) program. The ACES program was created by the SUI developer, Mysten Labs, earlier this year as a way to express gratitude and acknowledge the contributions of SUI discord members who played a pivotal role before the launch of the altcoin's mainnet. Additionally, based on the information provided by Token Unlocks, SUI may also allocate a portion of the unlocked tokens for staking incentives.
What To Expect From SUI?
As a significant amount of tokens are set to unlock, some early supporters may be tempted to sell, especially if a portion is rewarded to Active Contributors and Early Supporters. This could potentially lead to a sell-off, which has historically resulted in short-term price depressions due to increased market supply.
However, the network has seen rapid expansion and a significant increase in user base, from 3 million to 6 million active accounts in just a few weeks. The addition of approximately 1 million active accounts weekly over recent weeks may help cushion any potential bearish impacts.
1 million new accounts in less than 12 hours 😱 pic.twitter.com/4dShywYoGn — Suipiens 🦍💧 (@suipiens) August 30, 2023
Currently ranked at 89th among larger cryptocurrencies by market cap, SUI has experienced a significant decline of almost 10% over the past seven days. Furthermore, in the past 24 hours, the asset has continued to drop, with a recorded decline of 1.3% and a market price of $0.49 at the time of writing.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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