SUI, a Layer 1 blockchain token noted a steep decline in its price following the token unlock event on November 3.
Total value locked in SUI climbed to $82.62 million as the protocol gains relevance among traders. SUI token unlock event increased selling pressure on the asset, the token nosedived nearly 5%. Total transactions on SUI exceeded 528 million in October, signaling rising demand for the asset. Despite the price decline, the Total Value Locked in SUI climbed past $82.62 million. Rising TVL is likely a bullish catalyst and the asset’s price recovery is likely.
12% on the day, the asset is changing hands at $0.4389 on Binance. The token unlock event acted as a bearish catalyst for the asset. SUI TVL explodes, crosses $82.62 million Based on data from DeFi tracker DeFiLlama, there is a spike in the total value of assets locked on the SUI blockchain. The number climbed consistently, hitting a peak of $82.62 million, on November 3. The rising TVL is indicative of increased trust among market participants and the rising relevance of the SUI blockchain.
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