CELO is experiencing a significant decline as it braces for a major token unlock, leaving investors concerned.
Current Market Conditions for CELO
CELO has dropped 7.28% over the past 24 hours, currently at $0.3632. With over 562 million CELO tokens valued at $204.65 million set to be unlocked soon, investors are wary of increased selling pressure.
Potential Effects of the Unlock
This upcoming unlock represents more than half of the circulating supply, which could negatively impact token prices. CELO's trading volume has decreased by 4.91% to $14.53 million, suggesting that investors are waiting to see what unfolds. Currently, 36.40% of CELO’s total supply remains locked, yet the impact once they hit the market is uncertain.
Future Outlook for CELO
With just over a day left until the unlock, the big question remains—can the market absorb the extra supply, or is there more downside ahead? The next 24 hours will be crucial in determining CELO's future.
The expanded supply of CELO could significantly affect its price, and the long-term market impact will become clearer in the coming days.
