Sui Network made an announcement stating that the issue regarding staking rewards would be resolved today at 20:30 Turkey Standard Time with epoch 564. The problem arose from an error during an epoch transition on October 24, which resulted in the non-distribution of staking rewards for epochs 560, 561, 562, and 563.
Effect on SUI Price and User Reactions
As a consequence of the staking reward problem, the price of SUI experienced a 6.80% decrease, reaching levels around $1.70. However, there was a partial recovery in the SUI price, reaching $1.79, although it remained under pressure. During this period, there was a 25% increase in trading volume, amounting to $625 million, indicating that users still displayed significant interest.
Expectations for Recovery and Market Effects
Experts believe that the resolution on October 27 will help restore user confidence and potentially contribute to the recovery of the SUI price. Sui Network advised users not to unstake their tokens before the new epoch commences, as doing so prior to the resolution may lead to the loss of accumulated rewards for the affected epochs.
The one-hour chart for SUI illustrates a slight increase to $1.79. The MACD indicator displays a positive movement, suggesting that the price may be on an upward trajectory. Experts predict that the price is currently in a stagnation phase and anticipate movement in the near future.
By promptly addressing this issue, Sui Network can 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 has the potential to strengthen Sui Network’s credibility and positively impact the ecosystem. Investors anticipate a price recovery in SUI with positive developments in the network.
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Disclaimer: The information presented in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
