Token unlocks are often highly anticipated events in the cryptocurrency community. Each unlock signifies a significant influx of funds into the market, and as a result, enthusiasts closely monitor these events. Today, we witnessed several token unlocks, each with its own impact on the respective cryptocurrency.
Let’s start with the SUI token unlock. At 12:00 PM, approximately $53 million worth of SUI tokens were unlocked, bringing the total number of circulating tokens to 64.19 million. Despite this substantial increase in supply, SUI’s price currently stands at $0.81, representing a 2.74% increase in the last 24 hours. Surprisingly, the token unlock did not have a negative impact on SUI’s price.
Moving on to DYDX, another token unlock event occurred at 12:00 PM. A total of 8.33 million tokens were unlocked, valued at approximately $12 million. Following the unlock, DYDX is currently trading at $1.36, experiencing a slight daily decrease of 1.45%. This indicates that the unlock had a partial impact on DYDX’s price.
Finally, we have the IO token unlock scheduled for 4:00 PM. This event is expected to unlock tokens worth $22.55 million, totaling 59.63 million tokens. Prior to the unlock, IO’s price had dropped by 4% to $3.12, clearly demonstrating the impact of the unlock on IO’s price.
Interestingly, despite all three cryptocurrencies experiencing token unlocks, their prices have reacted differently. This suggests that it is not always accurate to predict a price drop with token unlocks. Instead, it is more appropriate to acknowledge that token unlocks have the potential to lower prices.
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