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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Brace For Impact: $18.7M In SUI Set To Flood The Market, What To Expect?

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Cardano Uncertain Path

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The Sui Network, known for its fast-paced growth and community support, is on the verge of a notable event. On September 3rd, a massive amount of SUI tokens, worth roughly $18.7 million, will be unlocked.

Given its nature and the significant sum involved, this move could have some implications for the altcoin’s market dynamics in the coming days.

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A Rewarding Gesture For The Early Birds?

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

With this event, chances are that some of the scheduled unlocked tokens could likely be used to reward SUI’s Active Contributors and Early Supporters (ACES) program.

As instituted by the SUI developer, Mysten Labs, earlier this year, the ACES program was crafted as a gesture of gratitude. It aimed to acknowledge and reward those SUI discord members whose contributions were pivotal before the altcoin’s mainnet launch.

Moreover, alongside this unlocking, data from Token Unlocks suggest that SUI also intends to set aside a portion of the unlocked tokens for staking incentives.

What To Expect From SUI?

With such a significant amount set to unlock, the temptation to sell might arise for some early supporters, especially if a portion is rewarded to Active Contributors and Early Supporters. This could potentially lead to a sell-off.

Historically, massive token unlocks have sometimes resulted in short-term price depressions, given the increased market supply.

Furthermore, the network, which has seen rapid expansion, has also recorded a user base jump from 3 million to 5 million users in a mere 14 days and then further to 6 million active accounts within another three days.

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With an addition of approximately 1 million active accounts weekly over recent weeks, such growth rates might cushion any potential bearish impacts.

1 million new accounts in less than 12 hours 😱 pic.twitter.com/4dShywYoGn

— Suipiens 🦍💧 (@suipiens) August 30, 2023

Meanwhile, ranking 89th among larger crypto by market cap, SUI has seen a notable plunge of nearly 10% in the past 7 days. And even in the past 24 hours, the bloodbath continues as the asset records a 1.3% decline with a market price of $0.49 at the time of writing.

SUI price chart on TradingView
SUI price is moving sideways on the 4-hour chart. Source: SUI/USDT on TradingView.com

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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