Cryptocurrency discussions often revolve around the unlocking of tokens in the market. With each unlock, newly released tokens enter circulation. Investors are now closely monitoring these events as they have become an integral part of the cryptocurrency landscape. Today, a significant development occurred with the CYBER token. Let’s delve into the details.
CYBER Token Unlock Completed
Today, there was a significant event for altcoin CYBER investors. The token unlock event, known in the cryptocurrency market as the release of token locks, took place at 13:00 for CYBER, marking the end of the event.
Looking into the details, we see that the number of tokens unlocked is 886,120. Valued at the current price of $10.38, this corresponds to approximately $9.2 million. Additionally, the unlocked tokens represent 5.98% of the circulating supply.
How Did the CYBER Altcoin Price React?
Generally, with the release of token locks, an influx of tokens in the market is expected to lead to a price drop. However, there is no hard and fast rule. In some cases, the prices of cryptocurrencies have increased following a token unlock. Yet, the expectation often leans towards a decrease.
Following this development, we observed that the price of CYBER dropped to $10.335 before the unlock, a decline of approximately 9.42%. After the unlock at 13:00, there was a slight recovery from the $10.335 level.
At the time of writing, we see that CYBER is trading at $10.387. It is difficult to attribute this price drop solely to the token unlock, as the overall cryptocurrency market is experiencing a downturn today. Bitcoin, the flagship of cryptocurrencies, was at $67,408 while writing this article.
