The layer-1 blockchain platform Sui Network (SUI), which promises high scalability, security and flexibility, is facing a potential problem as its unlock schedule shows a massive increase in its circulating supply.
SUI Altcoin Floating Supply Will Have A Big Rise On November 3, 2023
The tweet warns that investors may not want to be in this coin on November 3, 2023, when the circulating supply of SUI tokens will triple due to a major unlock event. This means that a large amount of previously locked tokens will become available for trading, causing significant fluctuation in the token price.
The token was listed by the crypto exchange Binance as soon as it was released through the Launchpool event.
The tweet also claims that market makers (MMs) currently hold 54% of the circulating supply of SUI tokens, which poses a high risk of dumping. It also states that MMs are currently in profit.
Sui blockchain claims to deliver fast transactions, low latency and high throughput, reaching 297,000 transactions per second (TPS) on its testnet.
It also allows developers to write smart contracts in Move, a Rust-based programming language developed by Meta for Diem. In addition, the platform offers a modular architecture that allows developers to customize the network to their specific needs.
*Not investment advice.