Sui Token Faces Continued Pressure Amid ETF Delay and Hack Aftermath
Sui (SUI) has been under significant pressure recently. On Thursday, the token dropped by 4%, adding to its weekly losses of 14%.The main reason is the U.S. Securities and Exchange Commission’s (SEC) decision to delay ruling on the spot SUI ETF proposed by Canary Capital. This uncertainty pushed Sui’s price near its weekly low of $3.06.
The SEC’s delay, announced on June 4, has renewed doubts about the cryptocurrency’s future. This decision came after a brief rally that saw SUI briefly reach above $4. However, the Cetus Protocol hack and broader crypto market woes have kept the token down.The hack, which occurred on May 22, saw an estimated $223 million in losses. The hack’s impact was severe, causing a 20% drop within 24 hours during a flash crash on May 30. The Cetus Protocol, a key part of Sui’s ecosystem, was exploited, affecting over 62,000 users and daily trading fees of over $7.15 million. The hack led validators to freeze hacker wallets, raising decentralization concerns.
The hack’s aftermath and the SEC’s ETF decision have weighed heavily on Sui’s price. The Cetus Protocol, central to Sui’s ecosystem, was exploited, causing a 20% drop in 24 hours. The protocol’s role in token swaps and yield farming made the situation worse. Traders are now questioning sui’s decentralization.
Other major cryptos like Solana, Dogecoin, Cardano, and Shiba Inu also faced double-digit losses last week. The hack’s effects, combined with the SEC’s indecision, have kept the token under pressure. The hack’s fallout and the SEC’s hesitation have created a weak market sentiment. The hack’s response by freezing hacker wallets raised more concerns about Sui’s decentralization. The crypto market’s overall downturn hasn’t helped. Despite some recovery, Sui’s price remains low. The hack’s effects and the SEC’s hesitation have compounded the negative sentiment. The crypto market’s struggles have not helped. The hack’s aftermath and the SEC’s delay have kept Sui’s price down.The hack’s response by Sui validators has further fueled doubts about its decentralization. The crypto market’s troubles have added to the negative sentiment.
Traders are now questioning Sui’s true decentralization. The hack’s response by Sui validators has raised more doubts. The crypto market’s overall downturn has not helped. The hack’s effects and the SEC’s hesitation have kept Sui’s price down.
