Sui Price Exhibits Notable Volatility Ahead of Token Unlock Event

Sui Price Exhibits Notable Volatility Ahead of Token Unlock Event

Sui (SUI), a Layer 1 blockchain, has seen significant price fluctuations over the last 24 hours, following a week-long decline that left the SUI price struggling to find stability. This recent volatility comes as the broader cryptocurrency market trades sideways, with Bitcoin (BTC) hovering just below the $60,000 mark. Sui, in particular, continues to trade within a narrow range as investors remain cautious in anticipation of an upcoming token unlock event.

Sui’s Price Swings as Token Unlock Approaches

According to TokenUnlocks, a significant token unlock event is scheduled for 12:00 AM UTC on September 1, 2024. This event will add 64.19 million SUI tokens to the circulating supply, representing 2.47% of the current total. The estimated value of these tokens at the time of release is approximately $54.57 million.

Currently, 26% of the total SUI token supply has been released, totaling 2.60 billion SUI. Meanwhile, a substantial portion of the supply—5.22 billion SUI, or 52.17%—remains locked under the “TBD locked” category, accounting for 21% of the overall supply. This upcoming release follows a similar event on August 1, 2024, when 64.19 million SUI tokens, valued at $45.41 million, were introduced into the circulating supply.

In the past 24 hours, the SUI token has experienced minor fluctuations, reflecting the broader uncertainty in the cryptocurrency market. At the time of writing, SUI is trading at $0.8279, down 0.39% from the previous day. The token’s price has fluctuated between a low of $0.7648 and a high of $0.8495, indicating a relatively volatile trading session.

Sui’s Total Value Locked Surpasses $608 Million

Sui’s Total Value Locked (TVL) has reached a significant milestone, surpassing $608 million, according to DeFiLlama. This achievement underscores Sui’s growing influence in the decentralized finance (DeFi) sector, where its scalable infrastructure and user-friendly features continue to attract substantial investment and participation. The upward trend in Sui’s TVL reflects increasing confidence and liquidity within the ecosystem.

Should the bearish sentiment persist, the SUI price may stabilize around $0.8 initially. However, if the downward pressure intensifies, the price could drop further to $0.7, with a potential risk of falling to $0.6 following the token unlock event.