With crypto markets under continued downward pressure, altcoins are among the most affected. However, Celestia, SuperRare, and ZetaChain are set to 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. The Bitcoin price is trading at $82,906, while many other altcoins are finding it challenging to achieve notable price gains. This selling pressure may intensify in the coming days as popular tokens are set to undergo 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 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 effect of the sale.
On the same day, $3.2 million worth of Celestia tokens will 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 19, equivalent to 4.32% of the float. This large unlock will likely impact 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. Around $2 million 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 24, ahead of the unlock event.
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