coinedition.com
The tokenomics insights page Token Unlocks noted in a tweet published earlier today that there will be more than $850 million worth of tokens unlocked this week. According to the post, Optimism (OP) and 1inch Network (1INCH) will see the largest dollar values unlocked this week, with $618 million worth of OP and $100 million in 1INCH being unlocked in the coming days.
🚨This week's cliff unlocks over $850 million 🚨
— Token Unlocks (@Token_Unlocks) May 30, 2023
✨ Highlight Unlocks are $OP & #1NCH ✨$OP 9.0% – $618 m 🌟#1INCH 16.7% – $100 m 🌟$HBAR 2.5% – $67 m$SUI 0.6% – $65 m$NYM 2.5% – $5.0 m$ACA 2.7% – $1.3 m$GAL 0.3% – $0.8 m
Link ⛓️ : https://t.co/OtfS2YIf8X pic.twitter.com/m7sDDy09O4
Furthermore, Hedera (HBAR) and Sui (SUI) will see $67 million and $65 million worth of tokens unlocked respectively as well. These token unlocks may have a negative impact on the cryptos’ prices, as investors may look to sell some, or all, of their holdings as soon as they are made available to them.
At press time, the prices of the 4 altcoins were all down according to the crypto market tracking website CoinMarketCap. OP’s price stood at $1.52 after it had printed a 6.64% loss over the past 24 hours. The altcoin was also outperformed by the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) during this time period.
Meanwhile, 1INCH’s price stood at $0.3945 following a 24-hour loss of 1.34%. Similar to OP, the crypto had weakened against BTC and ETH in the past 24 hours as well. As a result, 1INCH was down 0.92% against BTC as well as 1.49% against ETH.
Lastly, HBAR was changing hands at $0.05231 after dropping 0.99%, while SUI’s price stood at $1.03 at press time following its 2.87% loss. Similar to 1INCH and OP, HBAR and SUI were unable to outperform the two crypto market leaders. This resulted in HBAR weakening 0.57% against BTC and 1.14% against ETH, while SUI was down 2.93% against BTC and 3.41% against ETH.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.