Optimism, dYdX Lead Major Crypto Token Unlocks, Markets on Watch

The cryptocurrency market is bracing for a potential influx of tokens worth over $376 million from at least five prominent projects, including Optimism and dYdX exchange, in the coming weeks. Tracking platform Token Unlocks highlighted this impending market event in a recent post on X.

Planned unlocks for next | Token Unlock

Optimism is set to release the largest quantity of tokens next week, with plans to unlock an additional 2.88% of the OP token supply. On May 31, the Optimism team will distribute 31.34 million OP tokens, valued at $82.12 million, to founders, the project team, and select private investors.

SUI follows suit, with a scheduled release of 65.08 million SUI tokens worth $70.35 million. This release represents 2.78% of SUI’s circulating supply and will be allocated to private investors, teams, founders, and community members.

While OP and SUI are releasing less than 3% of their circulating supply, the dYdX exchange team is preparing to offload a substantial 11.9% of the DYDX token’s floating supply. The assets, valued at $66.33 million, will be distributed on June 1 to founders, employees, advisors, consultants, and a portion designated for “future employees.”

Other projects with scheduled unlocks for June 1 include Ethena (ENA), Acala (ACA), 1INCH, and ZETA. The Ethena team will distribute 53.6 million ENA tokens, valued at $47.97 million, to community members. Similarly, $8.10 million worth of ZETA tokens will be released to the community next week. YGG, NYM, and AGIX are among the projects with the earliest unlocks, scheduled for Monday, with over $20 million in tokens set to enter the market.

The substantial influx of tokens from these major projects could potentially impact the broader cryptocurrency market, with analysts closely monitoring the situation for signs of volatility or shifts in trading patterns.

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