With crypto markets under continued downward pressure, altcoins are among the most affected. Among them, Celestia, SuperRare, and ZetaChain will face further pressure this week due to the latest token unlock events.
Crypto markets have been facing continued downward pressure, and altcoins are among the most affected. Among them, Celestia, SuperRare, and ZetaChain will face further pressure this week due to the latest token unlock events.
The week of March 17 to 23 will see several significant events in the crypto market, as it faces continued selling pressure. Bitcoin is trading at $82,906, and several popular tokens are scheduled for major unlock events.
Celestia, SuperRare, ZetaChain Unlock Events This Week
The first in line is the NFT art platform SuperRare, with a $281,000 unlock set for Monday, March 24. Despite slow growth in the NFT market, SuperRare recently outperformed much of the crypto sector, registering a 23.78% increase last month.
The upcoming SuperRare unlock is equivalent to 0.39% of the circulating supply, which means that it will likely have a moderate impact on the price. However, all of the unlocked tokens will go to the community treasury, which could reduce the immediate impact of the sale.
On the same day, $3.2 million worth of Celestia tokens are set to be released into the market. Most of these tokens will go to early contributors and other insiders. Still, around $622,000 tokens will go toward research and development and the ecosystem, helping boost Celestia’s growth. Its growing ecosystem has recently boosted TIA, which saw 10% growth over the last month.
ZetaChain will be next in line, with a $6.7 million token unlock set for Wednesday, March 18, which is equivalent to 4.32% of the float. This large unlock will likely have an impact on the price, especially as the majority of the funds will go to insiders. Namely, $2.83 million will go to core contributors, while $2.01 million is reserved for advisors.
Still, a large portion of the unlocked tokens will go toward ecosystem and user growth. About $2 million of the funds will go to the user growth pool, ecosystem growth fund, and liquidity incentives. The rest of the funds will go to contributors and insiders. For this reason, ZetaChain was up 4.14% on Monday, March 18, ahead of the unlock event.
