The SUI Foundation, the organization behind the SUI token, has issued a statement denying any involvement in the manipulation of its token supply and price. The statement comes after the SUI token, which is used to access the SUI decentralized platform for AI services, hit an all-time low of $0.37, down from its peak of $1,73 in May 2023, a loss of nearly 80%.
The SUI Foundation claims that the allegations of token manipulation are unfounded and based on false information. The foundation says that it has never minted or burned any SUI tokens and that the total supply of SUI tokens is fixed at 10 billion. The foundation also says that it has never sold or transferred any SUI tokens from its treasury, which holds 40% of the total supply.
SUI Token Hit Rock Bottom
SUI token has seen a recovery in its price to $0.3865 as of the latest update. This represents a decrease of 5.5% in its value for the day. When viewed on a weekly scale, SUI has experienced a decline of 8.7%, as per data from CoinMarketCap.
The foundation attributes the price drop of SUI to market conditions and external factors, such as the recent crackdown on cryptocurrency exchanges in South Korea, where most of the SUI trading volume occurs. The foundation says that it is working with its legal advisors and partners to resolve the situation and protect the interests of its community.
The SUI Foundation also says that it is cooperating with the financial authorities in South Korea, who have launched an investigation into the SUI token and its trading activities. The investigation was prompted by a complaint filed by a group of SUI investors, who accused the foundation of manipulating the token supply and price through minting, burning, and transferring tokens without disclosure.
The SUI token is part of the SUI project, which aims to create a decentralized platform for AI services, such as data analysis, image recognition, natural language processing, and machine learning.
The platform allows users to access various AI services provided by third-party providers, who are rewarded with SUI tokens for their contributions. The platform also allows users to create their own AI services and offer them to other users.