SUI and HBAR Slump Ahead of Latest Crypto Token Unlocks

Both protocols have seen their tokens drop more than ether in daily trading as the next unlocks inch closer.

AccessTimeIconAug 28, 2023 at 11:19 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


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.