- Optimism and SingularityNET crypto tokens will be in the spotlight this week.
- The two networks will unlock millions of tokens to the ecosystem.
- These token unlocks are seen as highly dilutive events.
The SingularityNET (AGIX) price has been under intense pressure in the past few months as the AI hype fades. The token was trading at $0.177 on Monday morning, ~73% below the highest point this year. Similarly, the Optimism (OP) price has crashed to $1.26, ~61% below the YTD high.
AGIX and OP crypto prices have been under intense pressure in the past few months. This decline is mostly because of the rising risks in the United States. Crude oil price has jumped to $95, the highest level in more than 11 months. UAW workers are crippling the auto industry, which accounts for more than 3% of the economy.
Looking ahead, the two tokens have additional risks this week. SingularityNET, which is an upcoming player in the artificial intelligence (AI) industry, is set to release more tokens to its ecosystem.
Data by TokenUnlocks show that SingularityNET will release 9.68 million AGIX tokens worth over $1.7 million. The website shows that over 68% of all AGIX tokens or 1.35 billion have already been unlocked, leaving over 645 million. Unlike other tokens, the vesting schedule will go on until 2112.
Meanwhile, Optimism will unlock over 24.16 million OP tokens on Friday. At the current price, these tokens are worth over $30.6 million. These tokens will go to core contributors and investors.
Optimism has unlocked over 750 million tokens, leaving over 1.09 billion locked. This means that existing investors will have to deal with regular token unlocks in the next few years since the vesting period will end in 2027.
Token unlocks are seen as highly dilutive events since they add more tokens to the circulating supply. They can be compared with when a company issues more shares in the market.
For example, Optimism is now valued at over $1 billion. This valuation is got by multiplying the current $1.27 price with the circulating supply of 798.5 million tokens. Therefore, adding more tokens to circulation will dilute those who already hold them.
