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The worth of Sui (SUI) hit an all-time low this week amid rumors of market manipulation.
SUI is at the moment buying and selling across the $0.378 degree, with many pundits speculating that its worth might attain zero.
Whereas the way forward for SUI appears bleak, some crypto merchants have turned their consideration to rising penny cryptocurrencies with higher prospects – prompting a lift within the recognition of GameFi token Meme Kombat (MK).
SUI Sinks as Manipulation Allegations Erode Investor Belief
SUI has plunged over 12% since October 16 amid allegations from South Korean regulators that the Sui Basis has been manipulating the availability for its personal acquire.
As reported by Cointelegraph, the South Korean Monetary Supervisory Service plans to analyze the SUI distribution following claims made by lawmaker Min Beyong-deok.
Min alleged that the Sui Basis paid itself curiosity by staking cash that ought to have been locked up, then offered them to extend circulation.
The Sui Basis firmly denied these manipulation claims in a recent Twitter post, stating they had been “unfounded” and “materially false”.
Sui Basis’s put up then went on to say that the circulating provide information they publish is solely correct.
Nonetheless, the injury has already been completed to SUI’s worth, which hit new all-time lows this week amid the allegations.
This drop pushed SUI’s market cap to only $326 million – far decrease than its peak of $741 million in Could.
No Indicators of Restoration in Sight for Overwhelmed-Down Sui Token
There now appears to be no means again for Sui, with traders selecting to dump their tokens fairly than anticipate the state of affairs to resolve itself.
The allegations have eroded investor confidence, mirrored in SUI’s sharp worth drop.
Nonetheless, SUI had been struggling earlier than this, with the token’s worth trapped in a descending channel since late June.
Since June’s excessive, SUI’s worth has sunk 57%, buying and selling comfortably under the 50-day Exponential Shifting Common (EMA) on the each day timeframe.
Basic bearish market traits and stories that Sui confronted a number of obstacles on the decentralization entrance have hampered the mission’s progress in 2023.
As such, CoinGecko sentiment analysis reveals that a lot of the neighborhood is “bearish” on SUI’s prospects.
Which New Penny Cryptos Might Be Set to Explode?
Whereas SUI struggles with controversy, a number of new penny cryptocurrencies have been gaining traction.
One contender that traders have been paying shut consideration to is Meme Kombat, which has been turning heads over the previous month throughout its presale part.
Merchants Betting on Sizzling New Meme Coin Meme Kombat as Presale Nears $600k Mark
Meme Kombat (MK) is an thrilling Play-to-Earn (P2E) mission that allows customers to gamble on AI-generated meme battles utilizing the MK token.
With quite a few recreation modes like Participant vs. Participant, Participant vs. Sport, and side-action betting, Meme Kombat presents an immersive and aggressive gaming expertise.
The mission has already raised over $590,000 in its ongoing presale, which permits early backers to buy MK tokens for simply $0.1667.
However past playing, MK also boasts a 112% staking APY to incentivize long-term holding and supply one other earnings stream for traders.
With meme cash identified for producing outstanding features based mostly on hypothesis and hype, MK’s built-in utility by its P2E mechanics and staking choices units it aside from most different initiatives within the house.
This diversified strategy has helped Meme Kombat make its mark on social media, with the project’s Twitter page just lately reaching 7,300 followers.
Crypto analysts like Jacob Bury have additionally taken notice, describing it as “the next 10x potential crypto”.
Trying forward, Meme Kombat’s workforce plans to proceed creating the platform and launching new recreation modes, characters, and rewards pathways.
Whereas nothing is assured within the penny crypto house, Meme Kombat’s promising options have merchants considering this might be the subsequent meme coin to blow up and produce sizable features.
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