29 February, 2024

Crypto Market Braces for $215.03M Influx: Spotlight on $OP, $SUI, and $DYDX

1 month ago

13 Feb, 2024

  • Optimism’s $OP sees 2.52% of the total circulating supply amounting to $71.02M weekly token unlocks, signaling strong market activity and trader interest.
  • Sui token ($SUI) experiences a significant 22.54% price surge, with a 3.51% unlock worth $45.56M, indicating a potential bullish trend.
  • $DYDX’s 10.63% unlock worth $86.33M coupled with a 1.64% price rise suggests trader optimism despite market volatility.

In the upcoming weekly token unlock event from January 29th to February 4th, 2024, the crypto market is poised for a substantial influx of $215.03 million. Among the standout tokens taking center stage are $OP, $SUI, and $DYDX, each demonstrating varying performance degrees. These highlights from Token Unlocks, an analysis platform shared via an X platform post-update, set the stage for an intriguing week ahead in crypto.

The native token of Optimism, $OP, has seen 2.52% of its weekly total circulating supply unlock, which equals $71.02M. At $3.10, Optimism has exhibited strength with a 2.35% uptick in its value. Sui ($SUI) is also in the spotlight, with a 3.51% unlock equivalent to $45.56 million of the circulating supply. Sui’s performance shows a price of $1.45, surging 22.54% in the past day. These statistics indicate a growing interest in Sui and a potential bullish trend.

Meanwhile, $DYDX, the native token of the dYdX platform, reveals a substantial unlock of 10.63% of the total circulating supply, equal to $86.33 million. Nonetheless, DYDXโ€™s value has risen 1.64% over the past 24 hours to $2.64, suggesting traders’ positive outlook amid market volatility. Moreover, it boasts a 24-hour trading volume of $234,633,920, indicating sustained activity in the market. Consequently, this might provide opportunities for traders.

Besides, $NYM’s unlock of 7.66% of its total circulating supply, equal to $9.48 million, adds diversity to the mix. Additionally, $ACA’s 3.10% ($2.11 million)  of its total circulating supply unlocks contribute to the diversity. NYM’s price is currently at $0.193584, rising by 2.51% in the last 24 hours. Acala Token ($ACA) is $0.083903, displaying a 7.23% surge. Both tokens show growth potential.

Euler ($EUL) and Tornado Cash ($TORN) also play a role in this unfolding crypto narrative. $EUL boasts a modest 0.56% of its total circulating supply unlock, equivalent to $0.38 million, with a current price of $3.66, up by 1.07%. On the other hand, $TORN faces a 2.41%  unlock, equalling  $0.15 million of its total circulating supply, yet its price at  $1.63 is down by 0.72% in the last 24 hours.

This weekly token unlock event is set to impact the cryptocurrency market significantly. Traders should closely monitor these tokens and consider their strategies in response to these developments. Consequently, thorough analysis and risk management are essential for navigating this volatile crypto market.


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