dYdX, Ethena, Sui and Memecoin Poised For Cliff Unlocks This Week
dYdX, Sui, and Memecoin are trading in the red, with dYdX, ENA, and SUI all facing cliff token unlocks in early May. As the crypto market exits April, altcoins are expected to mirror Bitcoin’s price movements. DYDX, SUI, ENA, and MEME are set for major token releases this month, with tokens worth more than $10 million added to the circulating supply.
On May 1, dYdX will unlock over 33.3 million DYDX tokens, accounting for 11.9% of supply. Ethena will unlock 53.6 million ENA tokens, representing 3.76% of circulating supply.
Sui and Memecoin will unlock $40 million and $141 million worth of SUI and MEME tokens, respectively. Other top token unlocks in the first week of May include Galxe (GAL) and Heroes of Mavia (MAVIA). The biggest token unlocks in May are for Aevo (AEVO) and Pyth Network (PYTH), with more than $1.2 billion in AEVO and PYTH released on May 15 and May 20 respectively.
While projects aim to avoid undue pressure on token prices, massive releases could inject fresh volatility in the respective markets.
(With inputs from Shikha Singh)
You need to login in order to Like
