Several leading altcoin projects will unlock the tokens this week. This move is expected to have an impact on token prices as the markets are currently green. Here are the details…
“Unlock” alert for many altcoins this week
Layer 2 network Optimism (OP) is among the ten crypto projects to unlock tokens this week. On May 31, 3.6 percent of the OP token supply will be unlocked. This equates to 154.6 million tokens worth approximately $255 million. According to Token Unlocks, this marks the first major unlock for core participants and investor groups. Optimism’s program is to transfer 4.7 billion tokens directly to the market by August 2026. Currently, 67 percent of the total supply is locked.
As we have also reported as Kriptokoin.com, unlocking tokens often dilutes the supply. Thus, it creates downward pressure on prices. OP is trading at $1.64, up 1 percent on the day. But the OP is down as much as 49 percent compared to the all-time high of $3.22 in February. There will also be new unlocks for Sweatcoin (SWEAT) and Galxe (GAL) on May 30. Sweatcoin will unlock approximately 3.2 million tokens per day. On the other hand, Galxe will issue 586,666 tokens.
STEPN, HBAR and all four cryptos will be unlocked
On June 1st, STEPN, Hedera and Acala will be unlocked. Also on June 2, tokens for 1inch and Nym will be released. On June 3, 61 million SUI tokens worth approximately $63.7 million will enter the market. Sui token economy; It is largely venture capital driven, with large token movements allocated for ecosystem participants, investors and the Foundation. SUI prices are at $1.02, up 3.4 percent at the time of this writing. However, the token has been showing a bearish trend since its launch. It’s 52 percent lower than its top price of $2.16 earlier this month. Trader Joe (JOE) also issues tokens daily, but only 2 percent of the supply is locked.
Crypto market revived with debt ceiling deal
The total value of crypto markets gained 2.8 percent on the day, rising to a three-week high of $1.21 trillion. The momentum was fueled by the US government’s agreement to suspend the debt ceiling. Over the weekend, President Joe Biden and Congressman Republican Kevin McCarthy finally agreed to lift the debt limit by January 2025. This means that there is no longer a limit to how much the government can borrow. Moreover, this move increased the risk appetite and the markets moved. Bitcoin gained 3.3 percent on the day, reaching $28,075 at the time of writing. This is the highest price the asset has seen since May 8. Ethereum has rallied 2.9 percent over the past 24 hours, surpassing $1,900.
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