• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
$18.7 Million In SUI Set To Flood The Market
Sensei Inu Logo

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

Samuel Edyme by Samuel Edyme
4 weeks ago
in Altcoin
Reading Time: 3 mins read

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.

Related Reading: Altcoin Season In Limbo As Bitcoin Dominance Bounces Off Key Support

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.

Related Reading: Sei Takes A Hit: Price Suffers 26% Plunge Amid Airdrop Claim Expansion

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

Tags: airdropaltcoincryptoSUISUIUSDT
Tweet123Share196ShareSend
Samuel Edyme

Samuel Edyme

Edyme is a Web3 writer and journalist. A mysterious figure in the world of crypto, a writer who has explored every aspect of the blockchain. Some say he's a trader, others claim he's a hacker. His writing is like a key to unlocking the secrets of the crypto world, and his words can move markets. Edyme's stories are like cryptographic puzzles, waiting to be solved. But who is he really? Some speculate that he's hiding behind a pseudonym, like the legendary Satoshi Nakamoto himself.

Related Posts

Altcoins

Research Firm Reveals Its “Altcoin Trading Playbook”

6 hours ago
Altcoin

Under-The-Radar Altcoin Soars Over 260% – Here’s Why

9 hours ago
Curve (CRV) Whale

Curve (CRV) Is Up 20%, But This Whale May End The Run

1 day ago
IMX

Immutable (IMX) Up By 23% In A Single Day, Analyst Suspects Market Manipulation

7 days ago
Worldcoin Kenya

Kenya’s 17-Member Committee Officially Kicks Off Investigation Into Worldcoin

1 month ago
XRP Whale

XRP Whales Accumulate, Can Price Recover Now?

1 month ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Comprehensive Analysis of the Interactive Brokers Platform

    6 hours ago
  • The Rise of Bitcoin Spark: How It Challenges the Dominance...

    12 hours ago
  • Microsoft AI Picks Tradecurve Markets (TCRV), Terra Classic...

    13 hours ago
  • Bulls Are All In For Everlodge (ELDG), Why Are Litecoin...

    14 hours ago
  • Discover Tradecurve Markets (TCRV): The Solution to Stellar...

    14 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.