Sui Plunges into the Dark Red Zone, Here’s Why?
- SUI price dropped over 37.47% in the past month.
- Sui fails to build an engaging community.
- Bearish momentum impacts Sui’s inflationary model.
Sui Mainnet, a new player in the competitive blockchain industry, is under bearish momentum since it has experienced a significant decline in its token price in recent weeks. Since its public launch in May, Sui has struggled to gain traction.It had a staggering 37.47% decline over the past month and a further 20% drop in just seven days.
The situation worsened in the beginning of Q2 2023, when the token hit an all-time low of $0.5832, significantly below its initial launch price of $1.4537.
Unraveling Persistent SUI Price Dip
Sui recently faced allegations of fraudulent practices and token manipulation.DefiSquared, a prominent crypto account on Twitter, claimed to possess evidence indicating that Sui’s team had falsified token emission numbers and had been selling tokens not intended for circulation on Binance, a major cryptocurrency exchange. Sui vehemently denied these accusations, but the negative impact on the token’s price and market sentiment was evident.
Meanwhile, Sui Mainnet has struggled to build an engaged community around its project, further hindering its market sentiment. Critics have labeled Sui as a scam and expressed disappointment over the absence of an airdrop. That resulting in a negative perception among crypto enthusiasts.
In an attempt to address concerns and regain trust, Sui Mainnet released a chart projecting the circulating supply over the next seven years. However, this effort did not receive positive attention from the crypto community, further undermining prospects for the project’s future success.
Finally, as the team strives to overcome these obstacles, the future of Sui Mainnet hangs in the balance. As it aims to restore market confidence and establish a meaningful presence in the blockchain landscape.
Read more: https://thenewscrypto.com/sui-plunges-into-the-dark-red-zone-heres-why/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
