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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.
Updated Aug 28, 2023, 11:19 p.m. Published Aug 28, 2023, 11:19 p.m.
Token prices for 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.
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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 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.
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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.
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