The Sui blockchain's native token, SUI, reached an all-time low of $0.367 on Wednesday, following accusations of market manipulation and an impending investigation by South Korean authorities. The price of SUI has seen a 9% decline over the past week, including a 4% drop in the last day, with a trading volume of $54 million recorded within 24 hours.
These dramatic price movements come in the wake of allegations questioning the integrity of Sui's supply circulation. South Korean Lawmaker Min Byeong-deok has called for an investigation into these claims and criticized DAXA for its lack of action.
In response to these allegations, the Sui Foundation has maintained that no sales of SUI tokens have occurred beyond those distributed through the initial Community Access Program (CAP). The foundation has reiterated its commitment to transparency and compliance, dismissing the allegations as baseless.
The future price trajectory of SUI remains uncertain as it largely depends on the outcome of the South Korean investigation. The implications of this probe could significantly influence investor confidence and market dynamics surrounding the SUI token.
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