Unlocks in cryptocurrencies always attract significant attention. These unlocks can lead to substantial price movements. According to data provided by TokenUnlocksApp, there will be a potential unlock of $373.11 million over the next seven days starting from May 25. The three largest unlocks will occur on May 31 and June 1, potentially releasing tokens worth $219.67 million into the market.
Optimism (OP) Unlock
Optimism (OP), a closely watched altcoin in the market, might see a week where investors avoid trading. On May 31, an important event for the protocol will occur with the unlock of 31.34 million OP tokens, valued at $80.23 million.
Optimism unlocks reveal approximately 3% supply inflation, with minor monthly variations. During the unlock process, core contributors to the protocol will receive 16.54 million OP worth $42.35 million, while private investors will gain $37.89 million through individual buyers.
Attention to dYdX Protocol (DYDX)
The decentralized exchange protocol DYDX once again stands out among cryptocurrencies to avoid trading due to upcoming unlocks. Similar situations occurred on April 27 and March 31, with unlocks of 33.34 million tokens valued at $70.33 million and $117.33 million, respectively.
On February 29, a similar unlock valued at $130 million occurred with the same number of tokens. This gradual decrease in purchasing power for the token reflects the impact of supply inflation on cryptocurrencies and contributes to investor concerns.
Next, on June 1, the circulation of DYDX worth $70 million will take place. This event could potentially affect DYDX investors, representing a likely 12% monthly inflation.
Sui Network (SUI) and Unlocks
SUI, which has garnered attention due to successive token unlocks, is once again in the spotlight. The layer-1 blockchain, developed by former Meta Platforms (NASDAQ: META) engineers, will see a 2.8% increase in supply following the upcoming unlock.
On June 1, the protocol will unlock 65.08 million SUI for private investors, the development team, and the Mysten Labs treasury. Notably, private investors will receive over 60% of the total unlock, amounting to 39.16 million SUI worth $70 million.
