Sign Up on MEXC
Highlights
- Optimism (OP) crypto to witness an unlock of nearly 31 million coins.
- Sui prepares to face an unlock of 69 million coins.
- Ethena (ENA) to experience a nearly 14 million ENA unlock.
The cryptocurrencies Optimism (OP), Sui (SUI), and Ethena (ENA) are among the coins set to witness massive liquidations in the coming days. This is primarily attributable to enormous token unlocks looming over the crypto horizon.
Approximately $118 million worth of coins will be collectively unlocked shortly ahead, encompassing OP, SUI, and ENA tokens. These cliff unlocks are expected to trigger massive liquidations as prices face significant risk.
Notably, token unlocks refer to the phenomenon wherein previously locked tokens are released into the market. The release, in turn, brings fresh inflow to the coin’s market supply, negatively impacting tokenomics.
So, let’s look into the upcoming token unlocks for OP, SUI, and ENA tokens.
Optimism (OP)
Boasting a market cap of $2.04 billion, the Optimism crypto, an L2 on Ethereum, is poised to witness an unlock of 31.34 million OP on June 30. This totals 2.88% of the coin’s circulating supply, worth $56.73 million.
Data from the Token Unlocks App suggests that 26% of the locked amount has been unlocked to date. This is equivalent to 1.13 billion OP.
Meanwhile, the OP price showed a 0.58% jump in value to trade at $1.83 today. The substantial increase in supply in the coming days is expected to cause a bearish turn in price.
Sui (SUI)
Simultaneously, the Sui crypto is set to witness a token unlock of a whopping 69.30 million coins on July 1. This is equivalent to 2.88% of Sui’s market supply, worth $57.37 million.
On-chain data indicated that 24% of locked Sui has been unlocked to date. This totals a staggering 2.43 billion SUI.
The Sui network flaunts a market cap of $1.99 billion, whereas the crypto traded at $0.8216, showing signs of a pullback over the past day. It’s worth noting that the price could plunge further ahead, given the looming massive unlock.
Also Read: How Are MAGA, BODEN, DJT Meme Coins Performing Today?
Ethena (ENA)
Similarly, ENA prepares to take the heat of an unlock of 14.89 million coins on June 30. This equals 0.92% of the crypto’s circulating supply, worth $8.10 million.
Intriguingly, only 8% of the locked tokens have been unlocked to date, worth 1.25 billion ENA.
Meanwhile, the ENA price saw a 6.26% dip over the past day to trade at $0.5465. Ethena boasted a market cap of $830.54 million and similar to the abovementioned tokens, the ENA price also risks a fall ahead, paving the way for liquidations.
Additionally, it’s worth mentioning that token unlocks equivalent to or more than 1% of the circulating supply have a severe negative impact on tokens’ prices. Crypto market participants continue to monitor these coins extensively for price action shifts.
Some other coins that are set to witness this setback in the coming days are Galxe, ZetaChain, and Manta Network, among many others. Galxe (GAL) will witness an unlock equal to 2.6% of its circulating supply, whereas ZetaChain (ZETA) and MANTA will experience 1.9% & 0.6% worth of unlocks, respectively.
Also Read: Political Sentiment Influencing The Biden And Trump Meme Coin Prices
- Bitcoin Treasuries Add Nearly $1B BTC This Week as Holdings Cross 1M BTC
- Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH
- Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
- Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
