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Cryptocurrencies have yet to break free from the bear market, but there is only one way for those who want to enter the bull market strongly. That is to expand their ecosystems as much as possible during these calm days and incorporate applications that will amplify interest during the uptrend.
SUI Coin News
Sui Foundation has just announced that it will allocate 117 million tokens, equivalent to approximately $51 million, to encourage further growth. This represents 13.6% of the circulating supply and 1% of the total supply.
Since Sui tokens have already been released into the market, the redistribution will not affect the circulating supply. According to CoinGecko, the price reached $1.4 after the mainnet launch in May and then dropped to $0.44.
The announcement stated:
“The newly allocated resources will be aimed at supporting developers to create next-generation decentralized applications on Sui and to support the evolving ecosystem of Sui, including the latest technology DeepBook CLOB, automated market makers, and liquid staking and lending protocols on the network.”
Sui Foundation’s CEO, Greg Siourounis, seems dissatisfied with the progress made so far and appears to have taken this step to speed up the process. Approximately a year ago, Mysten Labs, the founder of Sui, raised $300 million in investments with a valuation of $2 billion.
Following the news, the SUI Coin price did not experience a significant increase.
