Why Did Sui (SUI) Fall?
Sui is a layer-1 blockchain project designed for high transaction capacity and fast execution of smart contracts. It prioritizes fast and secure transaction execution by coding smart contracts using a Rust-based programming language called Move. This aims to make decentralized applications run more smoothly.
It is traded at approximately 10.39 TL, with an increase of 3.85% in the last 24 hours. However, the South Korean has been accused of manipulating the Sui Foundation’s token supply. The Foundation denied these accusations and denied the allegations. Allegedly, the Sui Foundation has not sold any SUI since its initial Community Access Program (CAP) contents. Following the claims of South Korea-based TechM and Block Media, the South Korean Financial Supervision Agency (FSS) stated that it aims to investigate the existence of the Sui token.
Such claims can impact the price of a cryptocurrency and shake one’s trust. Therefore, the price of Sui currencies may have been due to these claims. Investors should pay attention to news and events in cryptocurrencies and consider the charges on the prices of such developments.