When Bitcoin rose more than 5% in the past 24 hours, breaking through $66,500, and the crypto market sentiment improved, the recently outstanding public chain Sui has been declining against the market. What happened?
According to CoinGecko data, the Sui price reached a new high of $2.35 yesterday, and then began to adjust, fluctuating around $2.25. However, around 7 a.m. this morning, Sui quickly fell from $2.28 to a low of $2.18, a drop of 4.38% within two hours. (At that time, Bitcoin had just broken through $66,500)
At the time of writing, Sui is currently priced at $2.19, down 4.1% in the past 24 hours, the worst performance among the top 100 cryptocurrencies by market cap.
Rumors say Sui has started to be delivered, and the foundation has responded
One possible reason is that a rumor has been circulating in the community that "Sui insiders sold $400 million worth of tokens during the price increase." Regarding this allegation, the Sui Foundation responded in the early hours of today, stating two points:
1. During this period, no insiders, the Foundation, or Mysten Labs employees (including Mysten Labs founders) or ML investors have individually or collectively sold $400 million worth of tokens. Insiders have not participated in any pre-sales or violated the lock-up period and circulation supply plan.
2. Although the poster did not provide wallet addresses, we believe the possible owner of the wallet is an infrastructure partner who holds tokens under the lock-up plan. All token lock-ups are executed by qualified custodians and continuously monitored by the Sui Foundation, and this partner is compliant.
Are infrastructure partners = insiders?
However, some community members are not convinced by this response. Driky pointed out that "infrastructure partners who hold tokens" sounds like insiders, and Beanie, who has over 200,000 followers on X, also posted that he is very disappointed with this excuse.
In response, Mysten Labs co-founder and CEO Evan Cheng further clarified that no one, including infrastructure partners or the Sui Foundation or Mysten Labs, has sold $400 million worth of Sui. The statement said the wallet belongs to an infrastructure partner, to explicitly state that it does not belong to the Foundation. He emphasized:
The only "statement" in the original post is that the tokens have been transferred to a different wallet.
In summary, Evan Cheng seems to be expressing that the infrastructure partner has only transferred the tokens to a different wallet, but the tokens they hold are still subject to the lock-up period, and this partner has not violated the lock-up rules, so they have not sold these tokens.
As for Beanie's claim that a major exchange has sold Sui, Evan Cheng also expressed puzzlement: "Who's selling? We haven't heard of that. What secret? Some people also say insiders are selling. Ask them to provide information. We don't know who you're referring to."
