On Friday, data from Tokenomist revealed that the cryptocurrency market will experience a supply increase worth 475 million USD next week, led by projects Sui (SUI), Optimism (OP), and ZetaChain (ZETA), with unlock values of 231 million USD, 64 million USD, and 35 million USD respectively.
The cryptocurrency market faces a large supply unlock
Next week, major projects such as Sui (SUI), Optimism (OP), ZetaChain (ZETA), ImmutableX (IMX), 1inch (1INCH), Cardano (ADA), dYdX (DYDX), Yield Guild Games (YGG), and Ethena (ENA) will simultaneously carry out token unlocks, totaling a value of 475 million USD. These unlocks occur in the context of the cryptocurrency market continuing to show strong growth trends.
A 'cliff' unlock is an event where the project releases tokens to investors, community members, or advisors. This increase in supply often leads to downward price pressure if demand does not keep up.
SUI (2.26 %) - 231.74 million USD
OP (2.50 %) - 64.56 million USD
ZETA (10.41 %) - 35.90 million USD
IMX (1.47 %) - 33.83 million USD
1INCH (7.72 %) - 33.67 million USD
ADA (0.10 %) - 32.68 million USD
SUI leads with an unlock value of 231 million USD
SUI will be the project with the largest unlock volume next week, with a value of up to 231 million USD. Currently, SUI has decreased nearly 3% in the past 24 hours, although it just achieved an impressive growth of 80% over the month, with a new record high of $3.90.
However, the upcoming unlock could affect SUI's positive growth momentum, as the increase in supply often leads to downward price pressure on the cryptocurrency asset.
Optimism (OP) and other projects
Optimism (OP) will also witness a supply increase worth 64 million USD. In November, OP has achieved significant growth, rising over 40% just in the past week. The number of tokens being unlocked – accounting for 2% of the current circulating supply of OP – will be allocated to the project team and individual investors.
Similarly, ZetaChain (ZETA), ImmutableX (IMX), and 1inch (1INCH) will add 35 million USD, 33.8 million USD, and 33.6 million USD to the circulating supply respectively. For IMX and 1INCH, more than 80% of the supply has been unlocked previously, so this unlock may not have a significant impact on their prices.
Other projects are also participating in the unlock
In addition, several other projects such as Cardano (ADA), dYdX (DYDX), Ethena (ENA), and Yield Guild Games (YGG) will also carry out supply unlocks, with respective values of 16 million USD, 10 million USD, 7.7 million USD, and 7.2 million USD.
These unlocking events will create significant volatility in the market, while investors continue to closely monitor price trends to make informed decisions.