This week’s token unlocks include Sui, Optimism, and 1 Inch

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Several top crypto projects will unlock tokens this week. This decision could have an impact on token prices, as the markets are currently in the green.

Layer 2 network optimism is among ten crypto projects that will unlock tokens this week.

On May 31, 3.6% of the OP token supply will be released. This equates to 154.6 million tokens worth around $255 million. According to Token Unlocks, this is the first major unlock for core contributors and investor groups.

The optimism schedule will release 4.7 billion coins linearly through August 2026. Currently, 67% of the total supply remains locked.

Token unlocks abundantly

Token releases typically dilute supply, putting downward pressure on prices. OP is trading up 1.6% on the day at $1.65, but is down 49% from its all-time high of $3.22 in February.

On May 30, there will be releases for Sweatcoin (SWEAT) and Galxe (GAL). Sweatcoin unlocks around 3.2 million tokens daily, while Galxe will release 586,666 tokens.

June 1 will see unlocks for STEPN, Hedera, and Acala, and June 2 will release tokens for 1inch and Nym.

This Week’s Crypto Token Unlocks | Token Unlocks

On June 3, 61 million SUI tokens worth approximately $63.7 million will be released. Moreover, Sui tokenomics is heavily weighted in venture capital with large chunks of tokens allocated to insiders, investors, and the Foundation.

SUI prices are up 3.4% on the day at $1.04 at the time of writing. However, the token has been trending lower since launch and is 52% below its all-time high of $2.16 earlier this month.

Trader Joe (JOE) also releases tokens on a linear daily basis, but only 2% of the supply remains locked.

Crypto market backed by debt ceiling deal

Crypto markets gained 2.8% on the day, hitting a three-week high of $1.21 trillion. The momentum was boosted by the agreement of US governments on an agreement to suspend the debt ceiling.

Over the weekend, President Joe Biden and Congressional Republican Kevin McCarthy finally reached an agreement to lift the debt ceiling through January 2025.

This effectively means that there is no longer a limit to the additional debt the government can incur. Moreover, this decision increased the appetite for risk and the markets moved.

Bitcoin gained 3.3% on the day to hit $28,075 at the time of writing. This is the asset’s highest price since May 8. Ethereum surged above $1,900 after rising 2.9% in the past 24 hours.

Disclaimer

In accordance with the guidelines of the Trust Project, BeInCrypto is committed to providing impartial and transparent reports. This news article aims to provide accurate and timely information. However, readers are urged to independently fact-check and seek professional advice before making any decisions based on this content.

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