- Around 64.19M SUI tokens worth $106.5M will be unlocked in two days.
- Despite previous supply pressures, SUI’s value has surged over 100% in the past month.
- Grayscale’s SUI Trust boosted investor confidence and contributed to SUI’s price growth.
The SUI token has been one of the best-performing crypto assets in the market in recent days, even before the ongoing Bitcoin-led rally commenced. However, SUI is facing potential supply and selling pressure that could impact its uptrend.
Data from Token Unlock reveals that on October 1, approximately 64.19 million SUI tokens, worth around $106.5 million, will be unlocked. This release accounts for about 2.4% of the current circulating supply of SUI tokens.
The tokens set to be unlocked will be allocated to Series A investors, who will receive $32.92 million; Series B investors, who will take $32.07 million; and early contributors, who will receive $17.16 million. Mysten Labs Treasury will also receive $3.44 million, while $20.96 million will go to the community reserve.
Notably, the SUI project team last unlocked 64.19 million tokens on September 1 and will unleash another round of a similar quantity in October.
How SUI Performed Since The Last Unlock
Interestingly, during the September release, the monetary value of the unlocked assets was just $51.19 million. This was due to the fact that the SUI token was worth only $0.79 at the time. Remarkably, despite this supply pressure, the value has more than doubled in under 30 days.
At press time, SUI is worth $1.63, boasting a cumulative seven-day growth of 12% and a 30-day gain of 101%. As a result, the 64.19 million tokens to be released on October 1 are worth $106.5 million today, compared to $51.19 million on September 1.
This suggests that the upcoming unlock may not have a negative impact on SUI’s ongoing bull trajectory, as many market participants believe.
Why SUI Pumped Hard This Month
A key factor bolstering SUI’s value this month is Grayscale’s recently launched SUI Trust, which allows institutional investors to gain exposure to SUI. Grayscale’s SUI Trust has an assets under management value of $2,305,864.44.
Moreover, this month, the Sui Foundation selected Coinbase Prime for custody and treasury management services, partnering with BitGo to oversee community assets. This move comes as Sui’s total value locked (TVL) surged nearly 40% to over $900 million, positioning it close to Avalanche and Polygon.
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