SUI Token Outperforms Market Ahead of $100M Unlock

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

The native asset for the Sui blockchain, SUI, has seen a strong performance over the past week with a 45% increase in price ahead of a $100 million token unlock scheduled for Oct. 1.

According to data from CoinGecko, SUI is currently trading at $1.72, making it the fourth-best performer among the top 100 tokens by market capitalization. Among the top tokens, only SEI and POPCAT have seen larger gains over the past seven days.

The price movement for SUI comes as roughly 64.2 million tokens are set to be unlocked, an amount that is valued at around $100 million and comprises 2.4% of the token’s circulating supply, based on data from Token Unlocks, a platform that analyzes vesting schedules for crypto assets.

In an effort to prevent large-scale selling from founders and investors during the early stages of their networks, blockchains often implement vesting schedules for their native tokens.

The majority of the upcoming unlock, 61%, will go to Series A and B investors. Meanwhile, early contributors to Sui will receive around 16% of the unlocked tokens, and the network’s community reserve is 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 occurred on Sept. 1, 2024, when 64.2 million tokens were also unfrozen. In the seven days leading up to the unlock, the price of SUI rose from 99 cents to 79 cents on Sept. 1, marking a 20% decrease.

However, since the last unlocking, SUI’s price has more than doubled, bringing the token’s market capitalization to $4.6 billion.

In related news, the token for the Celestia network, called Celestia (CEL), saw a seven-day price increase of over 14% ahead of an announcement that the blockchain had raised $100 million in Series A funding.

Among the top 100 tokens by market capitalization, CEL had the 10th-best performance over the past seven days, rising to $1.86 at the time of writing. The token has seen a seven-day price increase of 14.2%.

According to an announcement from Oct. 1, the latest funding round for Celestia was led by Bain Capital Crypto, a division of the private equity firm Bain Capital.