A massive $1.4 billion worth of cryptocurrencies will soon be unlocked, potentially impacting the market. Unlocking events are often seen as bearish because they increase the supply of a cryptocurrency.
According to Tokenomist, the unlocking events for Celestia (TIA), Sui Network (SUI), Optimism (OP), Immutable (IMX), Memecoin (MEME), and ZetaChain (ZETA) will occur between October 28th and November 3rd.
Celestia has the largest token unlock, with $1.06 billion worth of TIA tokens (almost 80% of the circulating supply) entering the market. TIA is down 3.58% in the past 24 hours, trading at $5.94. It has fallen 6.51% in the past 30 days but is up 182.53% since October 2023.
Next in line are SUI, OP, and IMX unlocks. 2.3% of SUI’s circulating supply, worth $123.25 million, will be unlocked, followed by $53.91 million in OP tokens (2.5% of the circulating supply) and $46.76 million in IMX tokens (1.98% of the supply). SUI has risen 11.12% in the past month and 339.13% since October 2023. It is trading at $1.92, down 5.2% in the past 24 hours.
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OP is trading at $1.69, down 1.78% in 24 hours and almost 2% in the past week. IMX has dropped 3.12% in the past day and is trading at $1.43. With a market cap of $2.34 billion, IMX ranks 38th among cryptocurrencies, while OP is 42nd on CoinMarketCap.
Memecoin (MEME) and ZetaChain (ZETA) will also have unlocking events, with 11.95% and 11.72% of their circulating supplies released, respectively. This translates to over $44.03 million in MEME and $37.69 million in ZETA.
MEME is trading at $0.0124, down 2.42% in the past 24 hours, while ZETA is trading at $0.6845, down 1.39%.
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