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    SUI, YGG and AGIX holders gear up for $11 million worth of token unlocks this weekend

    Source Fxstreet
    Jan 26, 2024 21:00
    • Sui, Yield Guild Games and SingularityNET token unlocks are lined up for this weekend.
    • A total of $10.91 million worth of assets are set to enter circulation following the unlock events. 
    • SUI, YGG and AGIX holders can expect volatility in asset prices in the short term. 

    Cryptocurrency token unlocks are typically considered bearish events for asset prices. Unlocked tokens enter circulation, increasing selling pressure on the asset across cryptocurrency exchange platforms.

    SUI (SUI), Yield Guild Games (YGG) token unlock events are scheduled for Saturday, and on Sunday another will come for SingularityNET (AGIX).  

    Also Read: Injective price braces for volatility ahead of nearly $150 million worth of INJ token unlocks

    SUI worth $955K  to flood markets in a linear unlock

    On Saturday, up to 810,000 SUI tokens worth $955,800 will flood markets in a linear unlock. The tokens will be allocated to treasury, early contributors, stake subsidies and community reserve.  The volume of tokens to be unlocked represents 0.07% of the token supply.

    Notably, SUI is a decentralized Layer 1 (L1) blockchain that uses a delegated Proof-of-Stake (PoS) consensus mechanism.

    SUI price is $1.4287 as of press time, up 19% on the day with trading volume rising almost 20%.

    Also Read: Sui Price Prediction: SUI readies for a possible 45% breakout

    YGG worth $16.69 million to enter circulation

    The Yield Guild Games ecosystem will release up to 16.69 million YGG tokens worth $7.63 million to the market on Saturday, constituting 5.83% of the entire token supply.

    A percentage of the unlocked tokens are likely to hit cryptocurrency exchanges, as token allocations go to the community, founders, investors, treasury and public sale. This could increase the selling pressure on the asset and drive Yield Guild Games price lower.

    At the time of writing, YGG is trading for $0.4580, up 6% in the last 24 hours with trading volume rising 10% over the same time frame.

    Also Read: YGG price remains stable despite $6.05 million worth of tokens entering the market

    9.11 million AGIX tokens to flood markets in a cliff unlock

    The SingularityNET ecosystem will offload up to 9.11 million AGIX tokens to the crypto market. The tokens, valued at $2.33 million, will be allocated to campaign supporters, the foundation, founders, the reward pool, a token sale and AGIX-ADA utility.

    The last time the network held an unlock event was on December 28, where 9.25 million AGIX tokens worth $3.15 million hit the market.

    At the time of writing, each AGIX token is selling for $0.2649, up 4% with a 24-hour trading volume surge of 2%.

    Also Read: SingularityNET price trades within supply zone with 10% stakes on the table

    For the layperson, there is a stark difference between linear and cliff unlocks. While the linear unlocks often unlock tokens daily, with equal amounts, the cliff unlocks often unlock a significant amount and specific number of tokens. The latter’s timelines can range from weeks to months or even years, depending on the project's direction for how many tokens are allocated and to whom, without rigid requirements.

    SUI, YGG, AGIX token unlocks schedule

    SUI/USDT 1-day chart, YGG/USDT 1-day chart, AGIX/USDT 1-day chart

    Unlock events could offer sidelined investors an opportunity to enter positions in assets, taking advantage of the short-term volatility.

    Disclaimer: For information purposes only. Past performance is not indicative of future results.