In a concerning turn of events, the native token of the Sui blockchain, known as SUI, hit an all-time low of $0.367 on Wednesday. This significant drop in value has been attributed to allegations of market manipulation and has prompted South Korean authorities to launch an investigation into the matter. Over the past week, the price of SUI has seen a steady decline, amounting to a 9% decrease, including a 4% drop in the last 24 hours. Notably, trading volume for SUI reached $54 million within that same 24-hour period.
These dramatic fluctuations in price coincide with mounting accusations that challenge the integrity of Sui’s token supply circulation. South Korean lawmaker Min Byeong-deok has raised concerns about these allegations, further critiquing DAXA for its perceived inaction in response to the situation.
In a swift response to these allegations, the Sui Foundation has staunchly maintained that no sales of SUI tokens have transpired beyond those initially distributed through the Community Access Program (CAP). The foundation has emphasized its dedication to transparency and compliance while dismissing the allegations as unfounded.
The future trajectory of SUI’s price remains uncertain, largely contingent upon the outcome of the South Korean investigation. The implications of this probe carry substantial weight, as they could significantly shape investor confidence and influence market dynamics surrounding the SUI token.
