Sui (SUI) and Hedera (HBAR) Token Prices Drop Ahead of Token Unlocks
Both Sui (SUI) and Hedera (HBAR) are experiencing a decline in token prices as they approach their scheduled token unlocks. These unlocks allow early investors and project team members to sell their tokens, which can result in increased selling pressure.
Key Points:
- Sui token is down 7% in daily trading, currently trading at $0.54.
- Hedera token is down 4% at $0.05.
- Ethereum’s ether (ETH), in comparison, is down 0.3%.
- Sui plans to increase its allocation of tokens earmarked for staking subsidies.
- Hedera will allocate 1.15 billion HBAR, split between network governance, purchase agreements, and ecosystem development.
HBAR experienced a 15% surge earlier this month after being integrated into the U.S. Federal Reserve’s FedNow platform. This integration contributed to a 50% price rise since mid-June, pushing HBAR’s market cap above $2 billion.
Hot Take
As the token unlocks approach, both Sui and Hedera are facing downward pressure on their token prices. It remains to be seen how these projects will navigate the increased circulating supply and potential sell-offs from early investors. The recent integration of HBAR into the FedNow platform shows promising signs, but it remains uncertain whether it can sustain its price rise in the face of upcoming unlocks.
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