SUI Token Drops 6.88% After $163M Unlock and ETF Review Delay, Trading Volume Surges

SUIUSDT experienced a 6.88% price decline over the past 24 hours, with the current Binance price at $2.9636 and a 24-hour open of $3.1827. This recent drop is attributed to a combination of factors, including the June 1 unlock of 44 million SUI tokens (about $163 million), which increased circulating supply and added selling pressure, as well as the SEC’s delay in reviewing the Canary SUI ETF application, which dampened market sentiment. Additionally, broader crypto market volatility and short-term bearish sentiment have contributed to the downward movement. SUI currently ranks #12 by market capitalization at approximately $10 billion, with a 24-hour trading volume exceeding $1.16 billion and about 3.09 billion tokens in circulation. The token has shown notable volatility, with recent price swings and inconsistent support from buyers amid ongoing regulatory and macroeconomic uncertainty.