Several prominent crypto projects will unlock tokens this week. The move could have an impact on token prices as the markets are currently in the green.
Layer 2 network optimism is among the ten crypto projects that will unlock tokens this week.
On May 31, 3.6% of the OP token supply will be unlocked. This equals 154.6 million chips for an approximate value of 255 million dollars. According to Token Unlocks, it is the first major unlock for major contributors and investor groups.
Optimism's schedule will launch 4.7 billion coins linearly through August 2026. Currently, 67% of the total supply remains locked.
Token unlocks abound
Token unlocks generally dilute supply putting downward pressure on prices. OP is trading up 1.6% on the day at $1.65 but is below 49% from its February all-time high of $3.22.
On May 30 there will be Sweatcoin releases (SWEAT) and Galxe (GAL). Sweatcoin unlocks around 3.2 million tokens per day, while Galxe will release 586,666 tokens.
June 1st sees unlocks for PASSEDHedera and Acala, and on June 2 they will launch tokens for 1 inch and Nym.
On June 3, 61 million SUI Around $63.7 million worth of tokens will be released. Also, yours tokenomics they have a heavy VC weighting with large portions of tokens allocated for insiders, investors, and the Foundation.
EUI prices they are up 3.4% on the day to $1.04 as of this writing. However, the token has been on a downward trend since its launch and is 52% lower than its peak price of $2.16 earlier this month.
Businessman José (JOE) is also releasing tokens on a linear basis every day, but only 2% of the supply remains locked.
Crypto Market Boosted by Debt Ceiling Deal
Crypto markets have gained 2.8% on the day, hitting a three-week high of $1.21 trillion. The momentum has been fueled by the US government's agreement on a deal to suspend the debt ceiling.
Over the weekend, the president Joe Biden and Republican Congressman Kevin McCarthy finally reached an agreement to lift the debt limit until January 2025.
This effectively means that there is now no limit to the amount of additional debt the government can take on. Also, the move has increased risk appetite and markets have moved.
Bitcoin gained 3.3% on the day to reach $28,075 as of this writing. It is the highest price for the asset since May 8. Ethereal topped $1,900 following a 2.9% rise in the past 24 hours.
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