SUI Token Struggles Despite Denial of ‘Unfounded’ Allegations

Sui Network

The SUI token’s price dropped due to accusations of supply manipulation by South Korean regulators.

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The SUI token had a hard time recovering after dropping over 9% due to accusations from South Korean regulators. They claimed that the Sui Foundation manipulated the token’s supply for their benefit.

In the past day, the SUI token increased by less than 1% after falling from $0.41 on October 16 to as low as $0.37 on October 18. This represents a 7% drop in just two days, according to CoinGecko data.

The price of the SUI token has struggled to regain ground amid allegations of supply manipulation. Source: CoinGecko

In an October 18 tweet, the Sui Foundation, the group behind the Sui blockchain, strongly denied allegations of supply manipulation, calling them baseless and untrue.

The Sui Foundation stated, ‘We need to clarify some incorrect information that has been circulating today. The allegations regarding the supply of SUI tokens are completely groundless. To be clear, the Foundation has not sold any SUI tokens since the initial Community Access Program (CAP) distributions.

“We’ve hired one of the world’s largest supercomputers to speed up our AI development, nearly doubling our computing capacity compared to the second quarter.

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Tesla’s third-quarter earnings and profits fell short of what Wall Street expected. They reported total revenues of $23.35 billion, which was almost 9% higher than the same period last year but below Zacks Investment Research’s estimate of $24.38 billion.

Their earnings per share (EPS) also missed projections, coming in at $0.66, while Zacks expected $0.72 EPS.

Operating expenses for the third quarter were $2.41 billion, a 13% increase from the previous quarter and a 42.5% increase from the same period last year.

Tesla spent $1.16 billion on research and development in the quarter, a 58% increase from last year. They attributed these higher costs to their work on the Cybertruck, AI, and other research projects.”

Tesla (TSLA) shares continued to fall after the bell to a low of $230.19. Source: Google Finance

“Tesla’s stock dropped by almost 4.8% during the day, ending at $242.68. After trading hours, it fell even more, decreasing by 4.25% to $232.37, according to Google Finance.”

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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