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Sui Network’s SUI token fell 2.6% in 24 hours and more than 10% over the past week, yet it was the third most searched coin on Monday amid a run of network and corporate news, Ambcrypto reported.
Three separate threads drove the search interest: a Robinhood rewards campaign, a leadership change at developer Mysten Labs, and a token buyback program funded by stablecoin reserve yield.
Also read: PONS falls 71% from its all-time high as Robinhood Chain activity fades
Key facts
- Robinhood is offering users $5 in SUI for completing short educational modules about the Layer 1 network.
- Mysten Labs co-founder Evan Cheng announced Kevin Boon as his successor as CEO; Boon joined the company four years ago as its lawyer and had been President for almost two years.
- About 900,000 SUI tokens have been bought back since June 22 using yield from the USDsui stablecoin reserve, at an average of 7.6K tokens per day, a figure expected to pass 1 million on November 1.
- CME Group’s SUI futures recorded more than $253 million in notional volume in Q3, their first full quarter on the exchange.
A leadership handover at Mysten Labs
Boon’s promotion follows a four-year tenure that began on the legal side of the company and moved into the president’s office. In a statement announcing the change, Cheng said he had planned for the succession when he made Boon president, and described full confidence in him as his successor and the new CEO. Boon said his move to the top job marks a new phase for the network.
The change puts a former lawyer rather than a founder at the head of the Sui developer at a moment when the token is in a correction and competing Layer 1 networks are fighting for retail attention.
Also read: PUMP slides to $0.00430 as buybacks fail to halt losses
Buybacks meet a falling price
The supply reduction is financed by reserve yield on USDsui, a mechanism distinct from the token burns some rival networks use. Since June 22 the program has averaged thousands of tokens a day, and the cumulative total was on course to cross the 1 million mark at the start of November. The scale is modest against a decline of more than 10% on the week, and the token’s price has not reversed its slide so far.
Derivatives demand provides a separate signal. SUI futures had their first full quarter on CME in Q3 and cleared $253 million in notional volume, evidence that institutional hedging and positioning in the asset is developing alongside the spot market.
Chart levels below the September high
SUI hit $1.30 last month before correcting. It now trades above an order block at $0.98, its most recent higher low, where candle rejections show buyers defending the zone. A break below that could open a test of the range breakout area at $0.84; the MACD is said to show bears in control.
Ambcrypto’s read is that the market structure stays bullish unless price drops below $0.6556. Losing that level would put the $0.40-$0.50 band, the 2024 low, in view as the next demand zone.
Why it matters
For holders, the combination of a retail rewards push, a supply-reducing buyback and a new chief executive is the network’s answer to a weak price. Robinhood’s campaign turns education into a small incentive and puts SUI in front of a large retail audience, while the buyback, however small, gives the token a structural buyer. The CME volumes suggest institutions are engaging even as spot price falls.
What to watch
The buyback total’s expected crossing of 1 million tokens on November 1 is the nearest dated marker. Before that, traders will watch whether the $0.98 order block holds and whether price tests $0.84. This is not financial advice, and crypto markets are volatile and uncertain.
Reported by ambcrypto.com.
Source: AMBCrypto