- SUI’s price hit an all-time low at $0.367, raising concerns for investors.
- Sui Foundation denies manipulation allegations and claims transparency.
- Technical indicators signal a potential further decline in SUI’s value.
The crypto community witnessed another tremor as the price of SUI, the native token of the recently launched Sui blockchain, hit its all-time low. However, amidst this price turbulence, the Sui Foundation fervently denies any wrongdoing related to token manipulation.
Turbulent times for SUI investors
In the early hours of Wednesday, SUI’s price sank to an all-time low of $0.367. If bears breach this support zone, it could trigger further selling pressure and lead to a deeper price decline. At press time, SUI was trading at $0.3764, down 3.3% in the preceding 24 hours.
Furthermore, CoinStats statistics show that SUI lost 8.42% of its value in the last seven days. As a result, many investors are seemingly anxious, particularly those who joined the market after SUI’s well-publicized debut in May.
SUI/USD 30-day price chart (source: CoinStats)
Consequently, the Sui blockchain was touted as a revolution since it was designed to make digi…
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