People allocated 'Community Reserve' tokens could be selling off their Sui in an effort to collect capital gains.
People selling off “Community Reserve” tokens could be the reason for the significant and rapid decline.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Since launching on mainnet, the native token of Mysten Labs’ Sui blockchain has tanked by 66% in roughly three and half months.in early May, the price of its native token hit a high of $1.40. Since then, the price has dropped to about $0.
The reason for the rapid price deterioration, according to The Block Research’s Director Steven Zheng, could be attributed to sales by users allocated tokens from Sui’s supply of “Community Reserve” looking to cash in.
Although he added that even if Sui's token loses the vast majority of its initial market cap, the project's founders and early investors could still easily net hundreds of millions of dollars.
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