SUI and HBAR Slump Ahead of Latest Crypto Token Unlocks
Token prices for Sui (SUI) and Hedera (HBAR) are falling as both projects face an increase in circulating supply later this week.
Both have scheduled token unlocks, in which early investors and project team members prevented from selling are finally allowed to do so. They’re put in place to curb selling pressure on tokens.
Sui is down 7% in daily trading, currently trading for $0.54, according to data from CoinDesk Indices, while HBAR is down 4% at $0.05.
In comparison, Ethereum’s ether (ETH) is down 0.3%.
Data aggregated by TokenUnlocks shows that Sui plans to increase its allocation of tokens earmarked for staking subsidies from 967,740 to 1 million SUI, worth around $540,000. At the same time, Hedera will allocate 1.15 billion HBAR, or $64.3 million, split between network governance, purchase agreements and ecosystem development.
HBAR surged 15% earlier this month after being integrated into the U.S. Federal Reserve’s FedNow platform, contributing to a 50% price rise since mid-June that pushed its market cap above $2 billion.
Edited by Nick Baker.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
:format(jpg)/s3.amazonaws.com/arc-authors/coindesk/7c0b0bd4-6cb4-4d93-8bc4-1db61149c9d1.png)
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
