According to Tokenomist data, the cryptocurrency market will see a series of significant token unlocks this week, including multiple projects such as Sui (SUI), Optimism (OP), and Zetachain (ZETA), collectively releasing tokens worth over $300 million.
"Token unlock" refers to the release of tokens allocated to early investors, team members, and development contributors after a lock-up period, meaning that holders will be able to sell the tokens for cash, and thus it is often seen as a 'bearish event.'
Cryptocurrency analysis firm 10x Research has warned that a large number of token unlocks may impact the competitive coin market, and risk investors may face pressure to lock in recent gains, meaning that 'even if these tokens have positive momentum after the unlock, their upward performance will still be limited.'
An overview of the tokens and amounts to be unlocked in the next 7 days (all valued over $10 million) is as follows:
December 31: Optimism (OP) will unlock 31.34 million tokens, accounting for 2.32% of the current circulating supply, valued at approximately $57.04 million;
January 1: Sui (SUI) will unlock 64.19 million tokens, valued at approximately $263 million, accounting for 2.19% of the current circulating supply;
January 1: Zetachain (ZETA) will unlock 53.89 million tokens, valued at approximately $31.18 million, accounting for 9.35% of the current circulating supply;
January 1: dYdX (DYDX) will unlock 8.33 million tokens, valued at approximately $12.5 million, accounting for 1.17% of the current circulating supply;
January 1: Ethena (ENA) will unlock 12.86 million tokens, valued at approximately $12.44 million, accounting for 0.44% of the current circulating supply;
January 6: Kaspa (KAS) will unlock 182 million tokens, valued at approximately $21.31 million, accounting for 0.72% of the current circulating supply;
Upcoming token unlocks highlight the increasing internal activity in the cryptocurrency market, with various projects releasing large amounts of tokens, which may affect market dynamics and investor strategies.
"This week's token unlock overview: OP, SUI, and 'these projects' will collectively release over $300 million in tokens" This article was first published on (BlockKe).
