Sui has unveiled its inaugural incubator hub.

The blockchain has been on an upward trajectory in recent weeks.

The SUI token recently faced manipulation allegations.

Layer 1 blockchain Sui has been riding high in recent months, setting new milestone records and achieving a series of impressive wins. This strong performance has earned the blockchain accolades across the industry, with some even comparing it favorably to other top industry performers.

Sui has unveiled another addition to its ventures, building on the positive momentum.

Sui Debuts Incubator Hub in Dubai

The latest addition to Sui’s expanding portfolio is its inaugural global hub. On October 21, 2024, Kostas Chalkias, co-founder of Mysten Labs, the company behind the development of the Sui blockchain, announced the launch of the incubator in Dubai. Sponsored

Birthed in collaboration with Dubai-based blockchain firm Ghaf Group, Sui’s hub will focus on cryptography, engineering, and product innovation, serving both startups and established Web2 organizations.

Chalkias emphasized that the hub will assist projects on diverse operations at every stage, from idea development to post-launch support. Additionally, the incubator will provide advisory support to Sui-focused projects, assigning world-top advisors to aid development.

DailyCoin contacted Sui for comments but has not received a response. The Sui hub launch marks another positive milestone for the network, building on its recent streak of achievements. However, the sentiment surrounding the blockchain has not been all positive.

Sui Faces Insider Dump Allegations

A major part of Sui’s positive trajectory is the parabolic rise of its native token, which recently broke through its seven-month-long underperformance to achieve a new all-time high. However, the sharp rise of the token triggered eyebrows across the community, with one member alleging potential misconduct within the ecosystem.

On October 14, 2024, crypto analyst Light raised alarm about SUI’s performance and potential unsustainability. Light alleged that despite the recent bright performance, insiders have been on a dumping spree, selling significant amounts of the native token, reaching $400 million.

The analyst cautioned that while SUI’s price surge appears impressive, it could be a façade to lure retail investors into a potentially unstable market.

In response, Sui firmly denied the allegations, asserting no manipulation within its network.

On the Flipside

Trading at $2.02 at press time, the SUI token has crashed 39.16% below its all-time high.

SUI is slated for a $10.29 million token unlock on October 23, 2024.

Why This Matters

Sui’s launch of the incubator hub builds on its ongoing positive momentum, showcasing the blockchain’s commitment to innovation and growth.

Read this article for more about recent expansions on the Sui network:Bybit Propels SUI Past $2 with Vast Launchpool Expansion

Binance founder Changpeng Zhao has warned his community against online clones; read more here:Ex-Binance Chief CZ Warns of Imposters Following Jail Release