SUI, the native asset for the Sui blockchain, has been one of the best performers over the past week ahead of its $100 million token unlock scheduled for Oct. 1.
Data from CoinGecko shows SUI has increased 45% in the past seven days to trade at $1.72, the fourth-best performance out of the top 100 tokens by market cap, just behind SEI and POPCAT.
SUI’s price movement comes as roughly 64.2 million tokens, worth about $100 million and representing 2.4% of the token’s current circulating supply, are set to unlock, according to vesting analytics platform Token Unlocks. Blockchains typically have vesting schedules for their native tokens in an effort to prevent large-scale selling from founders and investors during the early stages of their networks.
Read more:
The majority of the upcoming unlock, 61%, has been earmarked for Series A and B investors. Sui’s early contributors will receive roughly 16% of the unlocked tokens, while the network’s community reserve has been set at 20% of the total. The remaining amount will be allocated to the treasury of Mysten Labs, the software development firm behind the Sui blockchain.
The last unlock for SUI took place on Sept. 1, 2024 when 64.2 million tokens were also unfrozen. Seven days prior to the unlock, the price of SUI stood at 99 cents, but decreased 20% to 79 cents on Sept. 1. Since the last unlocking, however, SUI’s price has more than doubled, giving the token a market cap of $4.6 billion.
In Sept. 2022, Mysten Labs announced it had closed a $300 million Series B funding round that gave the company a valuation exceeding $2 billion. The Series B round was led by the now-defunct FTX Ventures. Jump Crypto, Apollo, Binance Labs, Franklin Templeton, and Coinbase Ventures also participated in the round.
