optimism, sui and Ethena Are Preparing for the Great Purge, Here’s Why
Cryptocurrencies Optimism (OP), Sui (SUI) and Ethena (ENA) are among the cryptocurrencies that will witness major liquidations in the coming days. This can primarily be attributed to the massive token unlocks looming on the crypto horizon.
Approximately $118 million worth of coins, including OP, SUI, and ENA tokens, will be collectively unlocked shortly. These cliffs are expected to trigger massive liquidations as prices face significant risk.
In particular, token unlocking refers to the phenomenon of releasing previously locked tokens into the market. This release negatively affects tokenomics by introducing a new entry into the market supply of cryptocurrencies.
Now let’s look at the upcoming token unlocks for OP, SUI and ENA tokens.
Optimism (OP)
Boasting a market cap of $2.04 billion, the Optimism cryptocurrency, L2 on Ethereum, is set to unlock 31.34 million OPs on June 30. This accounts for 2.88% of the coin’s circulating supply, worth $56.73 million.
Data from the Token Unlocking App shows that 26% of the locked amount has been unlocked to date. This is equivalent to 1.13 billion OP.
Meanwhile, the OP price increased by 0.58% today to $1.83. A significant increase in supply is expected to cause a downward turn in prices in the coming days.
Sui (SUI)
Simultaneously, the Sui cryptocurrency will witness the token unlock of 69.30 million coins on July 1. This is equivalent to 2.88% of Sui’s market supply worth $57.37 million.
On-chain data showed that 24% of locked Sui has been unlocked to date. This amounts to a staggering 2.43 billion SUI.
While the Sui network has a market cap of $1.99 billion, the cryptocurrency traded at $0.8216 and showed signs of retracement over the past day. It is worth noting that the price may drop even further considering the upcoming massive lockdown.
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Ethena (ENA)
Similarly, ENA is set to experience the excitement of unlocking 14.89 million coins on June 30. This equates to 0.92% of the crypto’s circulating supply, or $8.10 million.
Interestingly, only 8% of locked tokens have been unlocked to date; This value is worth 1.25 billion ENA.
Meanwhile, ENA price traded at $0.5465, down 6.26% in the past day. Ethena boasts a market cap of $830.54 million, and similar to the tokens mentioned above, the ENA price also faces the risk of decline in the future, paving the way for liquidations.
Additionally, it is worth noting that unlocking tokens equivalent to or greater than 1% of the circulating supply has a significant negative impact on token prices. Crypto market participants continue to monitor these coins intensively for changes in price movements.
Other cryptocurrencies that will witness this decline in the coming days include Galxe, ZetaChain and Manta Network. Galxe (GAL) will witness an unlock equal to 2.6% of the circulating supply, while ZetaChain (ZETA) and MANTA will experience unlocks worth 1.9% and 0.6% respectively.
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