Crash

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Sui (SUI) price, a layer 1 blockchain, has experienced significant fluctuations in its value during the last 24 hours. The volatility comes after a week-long downturn that caused the SUI price to struggle to find footing.&nbsp;
As part of a broader trend, most <a href="https://coingape.com/crypto-prices-today-aug-29-btc-ai-coins-weak-ahead-us-pce-ton-tokens-rise/" rel="noopener noreferrer nofollow">crypto markets</a> today are trading sideways, with BTC lingering just below the $60,000 mark. Meanwhile, Sui continues to move within a narrow range as investors anticipate an upcoming token unlock event, sparking cautious trading behaviors.&nbsp;
<h2 id="strong-sui-price-fluctuates-ahead-of-upcoming-token-unlock-event-strong">Sui Price Fluctuates Ahead of Upcoming Token Unlock Event</h2>
As reported by <a rel="noopener noreferrer nofollow" href="https://token.unlocks.app/sui">TokenUnlocks</a>, an upcoming token unlock event is set to occur at 12:00 AM UTC on September 1, 2024. This event will release 64.19 million SUI tokens into the circulating supply, representing 2.47% of the current total. 
The estimated value of these tokens at the time of unlock is approximately $54.57 million. Currently, 26% of the total token supply has been released, with the current unlocked amount totaling 2.60 billion SUI.&nbsp;
However, a significant portion of the supply, amounting to 5.22 billion SUI or 52.17%, remains locked under the “TBD locked” category. The total locked tokens account for 21% of the overall supply. This unlock event follows a previous release on August 1, 2024, which saw 64.19 million SUI tokens, valued at $45.41 million, added to the circulating supply.&nbsp;
Over the past 24-hours, the<a href="https://coingape.com/top-layer-1-crypto-projects/" rel="noopener noreferrer nofollow"> Layer 1 token</a> has experienced slight fluctuations in the cryptocurrency market. At the time of reporting, the SUI price hovered at $0.8279, with a slight decrease of 0.39%. The day’s trading range showed the token’s price moving between a low of $0.7648 and a high of $0.8495, indicating a relatively volatile session.
<h2 id="strong-sui-s-total-value-locked-exceeds-608-million-strong">Sui’s Total Value Locked Exceeds $608 Million</h2>
According to <a rel="noopener noreferrer nofollow" href="https://defillama.com/chain/Sui">DeFiLlama</a>, the Sui price has achieved a significant milestone. Its Total Value Locked (TVL) has surpassed $608 million, highlighting Sui’s growing impact in the decentralized finance (DeFi) sector. 
The platform is known for its scalable infrastructure and user-friendly features, and it continues to attract significant investment and participation. DeFiLlama’s data shows a strong upward trend in Sui’s TVL. This reflects increasing confidence and liquidity within the Sui ecosystem.&nbsp;
<figure id="attachment_214585" aria-describedby="caption-attachment-214585" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class=" wp-image-214585" src="https://coingape.com/wp-content/uploads/2024/08/Source-Defilema-2.png" alt="Sui Price Rebound or Crash as $54 Million Token Unlock Looms" width="981" height="550" srcset="https://coingape.com/wp-content/uploads/2024/08/Source-Defilema-2.png 771w, https://coingape.com/wp-content/uploads/2024/08/Source-Defilema-2-300x168.png 300w, https://coingape.com/wp-content/uploads/2024/08/Source-Defilema-2-768x430.png 768w, https://coingape.com/wp-content/uploads/2024/08/Source-Defilema-2-678x381.png 678w, https://coingape.com/wp-content/uploads/2024/08/Source-Defilema-2-150x84.png 150w" sizes="(max-width: 981px) 100vw, 981px">
 <figcaption id="caption-attachment-214585" class="wp-caption-text">
 Source- Defilema
 </figcaption>
</figure>
If the bearish sentiment persists, the Sui price may stabilize at $0.8 initially. If the downward trend strengthens, it could further decline to $0.7. Following the token unlock events, Sui’s value is at risk of dropping to $0.6.
The post <a href="https://coingape.com/markets/sui-price-rebound-or-crash-as-54-million-token-unlock-looms/" rel="noopener noreferrer nofollow">Sui Price Rebound or Crash as $54 Million Token Unlock Looms</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Sui Price Rebound or Crash as $54 Million Token Unlock Looms

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