Sui Buyback Programme Fails to Boost Price as Support Level Holds
The Sui cryptocurrency [$SUI] has managed to hold onto its support level of $0.65, as it trades near $0.69. This comes on the heels of the Sui Foundation expanding its stablecoin-funded buyback programme.
The programme uses yield generated from Sui's growing stablecoin ecosystem to purchase $SUI on the open market. According to the Sui buyback dashboard, the network has generated approximately $2.2 million in revenue so far this year, including estimated rewards for the current month.
Stablecoin balances have reached approximately $443.1 million, spread across 3.6 million holding addresses. Recent buybacks averaged around $6,000 per day, with the Foundation purchasing 8,800 $SUI on August 1 and another 8,700 $SUI on August 2, both at an average price close to $0.69.
However, the current scale of the programme remains too small to affect $SUI's circulating supply or trading activity materially. Since the programme began, the Foundation has acquired approximately 317,500 SUI, which represents only around 0.008% of the network's approximately 4.07 billion circulating supply.