Experts Sound Warning Bells on Suspicious Nature of SUI Token Price
The post Experts Sound Warning Bells on Suspicious Nature of SUI Token Price appeared first on Coinpedia Fintech News
Cryptocurrency experts are sounding the alarm over the SUI cryptocurrency, raising suspicion of potentially fraudulent activities associated with the digital asset.
In a recent tweet that has garnered immense attention, a user, who is a crypto expert, expressed their concerns about SUI, calling it “scammy” and urging others to short the cryptocurrency due to alleged Ponzi scheme characteristics.
https://twitter.com/CryptowhaleMoon/status/1661241043952586754?s=20
Experts are now echoing these sentiments, further intensifying the scrutiny surrounding SUI.
SUI Current Market Situation
The current market price of SUI stands at $0.9838706 per unit in the SUI/USD pairing, reflecting a market capitalization of $519.75 million USD.
Over the past 24 hours, the trading volume for SUI has reached $204.32 million USD.
Notably, SUI has experienced an 8.12% decrease in value over the last 24 hours. The circulating supply of SUI is estimated to be around 528.27 million units.
The tweet talks majorly about the resemblance of SUI to a Ponzi Scheme.
As per the tweet’s prediction, the cryptocurrency’s price is expected to plummet to $0.5, indicating a significant loss for those currently holding SUI.
The tweet uses a graph, given below, to justify the prediction.
SUI as Ponzi Scheme: Believable?
The mention of Ponzi schemes suggests that the tweet’s author suspects SUI to be a Ponzi scheme, a fraudulent investment operation where returns for early investors are paid with funds for later investors.
The tweet does not provide specific evidence or details.
Shorting SUI: What’s The Logic?
The call against betting against the cryptocurrency’s price aligns with the belief that Ponzi schemes eventually collapse and their value plummets when new investors stop entering the scheme.
Evaluating such claims definitely requires conducting a thorough market analysis.
Over the past 7 days, the price of SUI has experienced a serious decline of 14.33%. Within the last 24 hours, the price has further decreased by 8.64%.
Notably, in the past hour alone, there has been a reduction of 0.03% in the price of SUI.
Tweet’s Impact on Crypto Community: Few Insights
The tweet insists that investors should continue shorting SUI, anticipating a substantial decline in value.
To justify the advice, it uses its prediction that the price of SUI will decline significantly, reaching a value as low as $0.5.
As the tweet does not present any concrete evidence to justify the allegations, especially the one made related to Ponzi schemes, there is no point in suspecting the credibility of SUI.
Nevertheless, the tweet can be considered as a call to closely monitor all the major market developments related to cryptocurrency.
Filed under: Bitcoin - @ May 25, 2023 9:10 am