SUI, the native token of the eponymous proof-of-stake (PoS) blockchain, faced another significant drop over the past 24 hours, plummeting to an all-time low of $0.367 in the early hours on Wednesday.
The altcoin managed to climb back to $0.377 at press time, marking a 5.5% drop in value on the day. SUI is down 8.7% over the past week, according to CoinGecko.
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Launched in May this year, the Sui blockchain is billed as “a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone.”
The SUI token is used to pay gas fees for transactions, staking, and governing the network. According to the Foundation, half the supply of the tokens, which is capped at 10 billion, are allocated to the Community Reserve—a fund managed by the Sui Foundation, with the rest of the token distributed among early contributors, investors, the network’s principal developer Mystem Labs, as well as the Community Access Program.
The downward spiral comes amid reports that the Sui Foundation allegedly manipulated the SUI token supply. The Sui Foundation refuted the accusations in a statement to Decrypt, with a spokesperson describing them as "unfounded and materially false statements surrounding the supply of SUI tokens.” They added that, “Contrary to recent conjecture, there has never been any sale of SUI tokens by the Foundation after the initial Community Access Program (CAP)...
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