Date: Sat, August 31, 2024, 10:11 AM GMT
The cryptocurrency market is gearing up for a significant week, with major token unlocks on the horizon. These events can have substantial impacts on the market, and this week’s lineup is particularly noteworthy.
According to data from Wu Blockchain, sourced from Token Unlocks, several high-profile tokens will see large-scale unlocks over the next seven days. Among the most significant are SUI, IMX, and ZETA, each poised to release tokens worth more than $5 million. This week’s total unlocking value exceeds a staggering $270 million.
Source: Wu Blockchain
SUI (Sui Network)
$SUI , the native token of the Sui Network, is one of the key tokens to watch this week. The upcoming unlock could potentially influence the token’s price, as the sudden increase in supply might lead to fluctuations in the market. Investors and traders are keeping a close eye on SUI, anticipating how the market will react to this sizable release.
IMX (Immutable X)
Immutable X’s $IMX token is another significant unlock this week. Known for its role in the NFT space, IMX has been a popular choice among investors. However, with the upcoming unlock, there’s potential for price volatility. The market will be watching closely to see how this influx of tokens will affect IMX’s value and overall market sentiment.
ZETA (ZetaChain)
ZETA is also in the spotlight, with a large-scale unlock set to take place. ZetaChain, a decentralized network aiming to simplify cross-chain transactions, is releasing a significant portion of its ZETA tokens. This unlock could lead to increased trading activity, and potentially impact the token’s price.
Other Noteworthy Unlocks
In addition to these, there are several other tokens with noteworthy unlocks this week. TAIKO, $DYDX , and MODE are among those releasing more than $5 million in tokens. Additionally, linear large-amount unlocks (exceeding $1 million) are expected for SOL, WLD, DOT, NEAR, and SEI.
Market Impact
The total unlocking value for this week surpasses $270 million, making it a crucial period for the cryptocurrency market. Token unlocks often lead to increased volatility, as the sudden influx of tokens can create selling pressure, impacting prices. However, they also present opportunities for investors who are looking to capitalize on potential market movements.
As the week progresses, all eyes will be on how these unlocks play out and what it means for the broader cryptocurrency market.
