In a bold move, the Sui Foundation recently announced a strategy to reinvigorate the growth and evolution of its ecosystem. In a statement released to the community and investors, the entity signaled the reallocation of 117 million of its SUI tokens, valued at US$51 million.
Following the wave of innovation in the world of cryptocurrencies, the Sui Foundation’s decision is to stand out. According to the announcement, these 117 million SUI tokens, which represent 13.6% of the circulating supply and around 1% of the total supply, will be redirected and subsequently delivered to various entrepreneurs and stakeholders.
On social media, especially Twitter, euphoria took over. Sui Network tweeted: “We are redirecting 117 million SUI to initiatives that aim to supercharge the growth of our ecosystem and our passionate community!”
📣Breaking news! We’re reallocating 117M SUI from external market makers and redirecting them to initiatives designed to fuel ecosystem and community growth!
Dive into the press release for all the details.👇 #BuildOnSuihttps://t.co/G0kZOAvbaj
— Sui (@SuiNetwork) October 5, 2023
Greg Siourounis, General Director of the Sui Foundation, was optimistic and visibly moved by the decision. He commented that the achievements achieved by Sui and his community, in such a short time, were extraordinary. However, he highlighted that there is still a vast territory to be explored and conquered. “This recent relocation is more than just a strategic move.
It is a partnership between Sui and all builders, developers and those involved in our ecosystem. It is a boost for our community and will ensure more agile growth of the Sui universe,” he said.
The direct consequence of this movement was reflected in the value of the currency. After the news was released, the price of SUI registered an appreciation of 2%, being quoted at US$0.44. At the time of publication, the price of SUI was quoted at US$0.436083, down 0.5% in the last 24 hours.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.