In the coming days, tokens worth over $484 million will flood the crypto market, creating uncertainty among traders.
Details of Token Unlocks
According to data from the Tokenomist analytics platform, significant token unlocks will occur from June 30 to July 7. The leader will be SUI with 1.29% of its supply valued at around $125 million.
Other major releases are expected from Ethena (ENA), which will unlock 212.5 million tokens worth about $58.12 million, and Optimism (OP), with slightly more than 31 million tokens worth $18.64 million. Kamino (KMNO) will unlock just over 10% of its supply for $13.56 million, while ZetaChain (ZETA) will release 44.26 million coins, increasing its total supply to 877.5 million.
Mixed Price Action
Not all unlocks are seen as bearish for the market. For instance, despite the impending $125 million unlock, SUI has risen 11.7% over the past week. However, it is still down 10.4% over two weeks and 47.4% from its all-time high in January.
On the flip side, SEI with $8.1 million in unlocks has soared over 48% in a week but is showing signs of fatigue as well.
Token SOL remains relatively stable at $150.69, up 12.1% on the week, indicating substantial market demand.
Market Prospects
Despite positive indicators for some tokens like SUI and SOL, the TRUMP token is under pressure, down over 11% over the last two weeks, raising concerns among investors. Furthermore, on-chain data revealed that $32 million worth of TRUMP tokens were offloaded shortly before a recent US-Iran conflict.
It is expected that the upcoming token unlocks will significantly impact market volatility, making it crucial for traders to monitor investor reactions to these events.
