FTX’s Missed Billion-Dollar Opportunity: SUI Token’s Meteoric Rise in 2024

The cryptocurrency market witnessed an extraordinary performance by the SUI token in 2024, with its value skyrocketing by 427% year-to-date to reach $4.09. This remarkable growth has left many in the industry reflecting on what could have been for bankrupt exchange FTX, which sold its massive SUI holdings for just $96 million in March 2023 - a stake that would be worth billions today. SUI's staggering 389% annual gains have significantly outpaced major cryptocurrencies like Bitcoin (85.9%) and Ethereum (6.5%), making it one of the most successful digital assets of the year. The token's recent 41.2% monthly surge further cements its position as the market's standout performer, showcasing the volatile yet potentially lucrative nature of cryptocurrency investments.

FTX's $96M SUI Sale Now Worth Billions as Token Surges 427% in 2024

SUI has emerged as the crypto market's standout performer, delivering 389% annual gains that dwarf Bitcoin's 85.9% and Ethereum's 6.5% growth. The token's current $4.09 price represents a 41.2% monthly surge and 427% year-to-date rally.

Bankrupt exchange FTX sold its 888 million SUI token position for $96 million in March 2023 - a stake now valued at $3.55 billion. Had FTX retained its full 1.6 billion token allocation from Mysten Labs, the position WOULD exceed $6.46 billion at current prices.

The court-revealed deal shows FTX originally secured tokens for just $1 million plus a $101 million investment. The ill-timed liquidation occurred two months before SUI's mainnet launch, marking one of crypto's most costly exit miscalculations.

FTX Token Shows Resilience Amid Overbought Signals

FTX Token (FTT) defies typical market logic with a 2.57% pullback to $1.06 despite flashing overbought signals. The token's RSI reading of 70.13 would normally precede consolidation, yet technical indicators suggest sustained bullish momentum.

Market technicians note FTT maintains a robust position above key moving averages—trading 17.8% above its 20-day SMA and 20.5% above the 50-day SMA. This price action occurs in an information vacuum, with no fundamental catalysts driving recent movements.

The MACD histogram continues printing higher lows, a classic continuation pattern that often precedes renewed upside. Market makers appear to be engineering a controlled retreat from resistance levels rather than reacting to negative developments.