Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- SUI price has decreased by over 37.47% in the last month.
- Sui is struggling to cultivate an active community.
- Bearish trends are affecting Sui’s inflationary model.
Sui Mainnet, a newcomer in the blockchain sector, is experiencing bearish trends as it has seen a notable drop in its token price in recent weeks. Since its public debut in May, Sui has faced challenges in gaining momentum. It recorded a significant 37.47% decrease over the past month, along with an additional 20% decline within just a week.
The situation deteriorated at the start of Q2 2023, when the token reached an all-time low of $0.5832, considerably lower than its initial launch price of $1.4537.
Related Posts
SUI Price Chart (Source : Trading View)
Examining the Ongoing SUI Price Decline
Sui has recently been accused of fraudulent activities and token manipulation. DefiSquared, a well-known crypto account on Twitter, asserted that it possesses evidence suggesting that Sui’s team had misrepresented token emission figures and had been trading tokens not meant for circulation on Binance, a leading cryptocurrency exchange. Sui has strongly refuted these claims, yet the detrimental effect on the token’s price and overall market sentiment was apparent.
Additionally, Sui Mainnet has faced difficulties in fostering an engaged community around its initiative, which has further impacted market sentiment. Detractors have labeled Sui as a scam and voiced dissatisfaction regarding the lack of an airdrop, leading to a negative view among crypto enthusiasts.
In an effort to alleviate concerns and rebuild trust, Sui Mainnet published a chart outlining the projected circulating supply over the next seven years. However, this initiative did not garner favorable reactions from the crypto community, further diminishing the project’s prospects for future success.
Ultimately, as the team works to navigate these challenges, the future of Sui Mainnet remains uncertain as it seeks to restore market confidence and establish a significant presence in the blockchain arena.
