SUI Price Forecast: Allegations of $400M Insider Sales Loom Over 120% Rally – What’s Next?
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Over the past 24 hours, the SUI price has seemingly hit a wall amid significant $400 million insider trading allegations, shaking investor confidence in the asset.
This interrupts what has been a strong week for SUI, up 11.0% since last Tuesday in an extension of a massive 120% rally, positioning it as one of the frontrunners this month.
Indeed, there has been a noticeable shift in investor sentiment towards SUI, with a notable 22.27% drop in trading volume to $946 million over the past 24 hours.
These allegations stemmed from an October 14th X post by pseudonymous crypto analyst Light, who challenged SUI’s current valuation, arguing that the notion of it following in Solana’s footsteps “no longer seems tenable.”
One thing that I've found more and more baffling in the last few weeks is the vertical ascent of SUI, with it quintupling off the lows (Ex 1). The market is starved for winners, and believes it has found one here, yet it all feels awfully chintzy for two reasons that I think feed… pic.twitter.com/VKISXpdxp1
At the center of the controversy were claims of insider trading, with Light revealing that insiders, including a wallet tied to the foundation, profited significantly from the rapid price surge through a $400 million sell-off.
According to Light, insiders “began selling material amounts at much lower prices and are even accelerating their selling at these more elevated levels.”
In response, Sui issued a statement on X denying any wrongdoing. They emphasized that insiders have not engaged in “pre-emptive selling or violation of
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