Anticipating Crypto Token Unlock: SUI and HBAR Experience Downturn

Aug 29, 2023 at 01:16 pm

Approaching token unlocks have led to noticeable drops in the value of both SUI and HBAR tokens during daily trading, making a stark comparison to Ethereum's performance.

As the date for the token unlocks of Sui (SUI) and Hedera (HBAR) tokens draws near, their market values have experienced declines. These upcoming token unlocks mark a phase where initial investors and project team members, who were previously restricted from selling their tokens, are now authorized to do so. This strategic approach is employed to alleviate any excessive selling pressure linked to these tokens.

Sui has seen a 7% decrease in its daily trading value, currently trading at $0.54, as indicated by data obtained from CoinDesk Indices. Conversely, HBAR has faced a 4% reduction, trading at $0.05.

In contrast, Ethereum's native cryptocurrency, ether (ETH), has encountered a modest decline of 0.3%.

Consolidated data from TokenUnlocks unveils Sui's intention to augment the allocation of tokens dedicated to staking incentives, increasing from 967,740 to 1 million SUI, equivalent to an approximate value of $540,000. At the same time, Hedera plans to distribute 1.15 billion HBAR tokens, valued at $64.3 million. This allocation will encompass various aspects, including network governance, purchase agreements, and ecosystem development.

In a notable development earlier this month, HBAR experienced a 15% surge following its integration into the U.S. Federal Reserve's FedNow platform. This integration played a pivotal role in driving a significant 50% price increase since mid-June, resulting in the token's market capitalization exceeding $2 billion.


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