Sui Network, a blockchain platform, has announced that it will resolve the issue regarding staking rewards today at 20:30 Turkey Standard Time, specifically with epoch 564. This problem arose due to an error during the transition between epochs on October 24, which resulted in the failure to distribute staking rewards for epochs 560, 561, 562, and 563.
Impact on SUI Price and User Reactions
As a consequence of the staking reward issue, the price of SUI experienced a decline of 6.80%, reaching levels around $1.70. However, there was a partial recovery, with SUI reaching $1.79, although it remained under pressure. During this period, trading volume increased by 25%, reaching $625 million, indicating that users still exhibited significant interest.
Expectations for Recovery and Market Effects
Experts are optimistic that the resolution on October 27 will restore user confidence and potentially contribute to the recovery of the SUI price. Sui Network has advised users not to unstake their tokens before the new epoch commences, as doing so prior to the resolution may result in the loss of accumulated rewards for the affected epochs.
Analyzing the one-hour chart for SUI, it reveals a slight increase to $1.79. The Moving Average Convergence Divergence (MACD) indicator indicates a positive movement, suggesting that the price may be on the rise. Experts predict that the price is currently in a state of stagnation and anticipate movement in the near future.
By promptly addressing this issue, Sui Network has the opportunity to enhance its reliability and maintain investor interest. Returning to normal operations can help recover some of the recently lost value.
The timely resolution of this problem could strengthen Sui Network’s credibility and have a positive impact on the ecosystem. Investors are hopeful for a recovery in the SUI price with favorable developments in the network.
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Disclaimer:
The information provided in this article should not be interpreted as investment advice. Investors should be aware that cryptocurrencies are highly volatile and therefore carry risks. It is recommended to conduct thorough research before making any investment decisions.