Several prominent crypto projects unlocked tokens this week. This move could have an impact on the token price as the market is currently in the green.
Network Layer 2, Optimism is among ten crypto projects that will unlock tokens this week.
On May 31, 3.6% of OP token’s supply will be unlocked. This equates to 154.6 million tokens worth about $255 million. According to Token Unlocks, this is the first major unlocking for core contributors and investor groups.
Optimism schedule will issue 4.7 billion coins linearly until August 2026. Currently, 67% of the total supply remains locked.
UNLOCK TOKEN SCHEDULE is quite readable
Unlocking tokens typically increases the circulating supply, putting downward pressure on prices. However, OP is trading up 1.6% on the day at $1.65 but still down 49% from February’s all-time high of $3.22.
On May 30, the token unlock schedule also includes Sweatcoin (SWEAT) and Galxe (GAL). Of which, Sweatcoin unlocks about 3.2 million tokens per day, while Galxe will issue 586,666 tokens.
On June 1st, the token unlock schedule includes STEPN, Hedera, and Acala, and on June 2nd, tokens will be released for 1inch and Nym.
This week’s unlock token schedule. Source: Token Unlocks.
On June 3, 61 million SUI tokens worth approximately $63.7 million will be issued. Furthermore, Sui tokenomics consists of high-weight venture capital with a large number of tokens distributed among the development team, investors and the Foundation.
Even so, the SUI price is up 3.4% on the day at $1.04 at press time. However, the SUI price has been trending lower since its launch and is down more than 52% from its peak price of $2.16 earlier this month.
Lastly, Trader Joe (JOE) is also releasing tokens on a daily linear basis, but only 2% of the supply remains locked.
CURRENCY MARKET INCREASE THROUGH THE TRAN NOR AGREEMENT
The crypto market has rallied 2.8% on the day, rising to a three-week high of $1.21 trillion. The momentum was boosted by the US government’s agreement to suspend the debt ceiling.
Over the weekend, President Joe Biden and Republican congressman Kevin McCarthy finally reached an agreement to remove the debt limit until January 2025.
Chart of changes in the US debt ceiling over the past 20 years.
This means that the debt ceiling will not increase, but the US government will also not have to worry about the loan that can be burdened. According to government sources, the US public debt ceiling is $31 trillion.