Market
Token Unlocks to Watch Next Week: TIA, SUI and OP
Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.
Here are five major token unlocks to keep an eye on next week.
Celestia (TIA)
- Unlock date: October 30
- Number of tokens unlocked: 175.59 million TIA
- Current circulating supply: 220.16 million TIA
Celestia, a modular data availability network, simplifies blockchain launches. On October 30, Celestia will unlock 175.56 million TIA tokens, valued at $920 million, and allocate these coins to early backers and initial core contributors. This massive unlock has sparked concerns about potential selling pressure.
“While some argue for a “bullish unlock” due to OTC activities, simple market dynamics tell a different story. The tokenomics design shows concerning flaws that can’t be ignored. TIA has potential for 3-digits IF the tokenomics weren’t so manipulated. But with VCs having such enormous profit margins and this aggressive unlock structure, we’re looking at significant downward pressure,” one X user wrote.
Read more: What Is Blockchain and How Does it Work?
Optimism (OP)
- Unlock date: October 31
- Number of tokens unlocked: 31.34 million OP
- Current circulating supply: 1.25 billion OP
Optimism is a Layer-2 scaling solution designed to improve the speed and lower the costs of transactions on the Ethereum mainnet. The OP token plays a crucial role in governance, allowing holders to vote on proposals and decisions that shape the network’s development and management.
On October 31, Optimism will increase its circulating supply by 31.34 million OP. According to Tokenomist (formerly TokenUnlocks), the project will allocate these tokens to core contributors and investors.
Read more: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared
Sui (SUI)
- Unlock date: November 1
- Number of tokens unlocked: 64.19 million SUI
- Current circulating supply: 2.76 billion SUI
Sui is a high-performance Layer-1 blockchain that utilizes a Proof-of-Stake consensus to increase network operation and security. The project was developed by Mysten Labs, a company founded in 2021 by former Novi Research employees who created the Diem blockchain and the Move programming language.
The SUI token facilitates governance, enabling token holders to vote on important proposals and shape the platform’s future. The next unlock will happen on November 1, releasing a large portion of tokens set aside for Series A and B participants, community reserve, and the Mysten Labs treasury.
Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024
Immutable (IMX)
- Unlock date: November 1
- Number of tokens unlocked: 32.47 million IMX
- Current circulating supply: 1.63 billion IMX
Immutable is a Layer-2 solution for scaling NFTs on the Ethereum blockchain. In September 2021, the project raised $12.5 million during the IMX token sale on the CoinList platform in just one hour. In March 2022, it closed a $60 million investment round and secured an additional $200 million from investors, including ParaFi Capital, Declaration Partners, and Tencent Holdings.
On November 1, the circulating supply of IMX will increase by 32.47 million tokens. These newly unlocked coins will be allocated to the development of the project and the broader Immutable ecosystem.
Read more: What Is Immutable?
ZetaChain (ZETA)
- Unlock date: November 1
- Number of tokens unlocked: 53.89 million ZETA
- Current circulating supply: 459.59 million ZETA
ZetaChain is a decentralized blockchain platform that enables seamless interoperability across various blockchain networks. One of its main features is cross-chain communication, which allows for the exchange of tokens and data between different blockchains, such as Ethereum and Binance Smart Chain.
On November 1, it will unlock nearly 54 million ZETA tokens. The newly released coins will be allocated across several initiatives, including a user growth pool, an ecosystem growth fund, support for core contributors, advisory roles, and liquidity incentives.
Read more: What Is Blockchain Interoperability?
Next week’s smaller cliff unlocks include dYdX (DYDX), Galxe (GAL), Cardano (ADA), and Ethena (ENA), among others, with a combined value surpassing $1.24 billion.
While many see token unlocks as bearish, a well-structured schedule can actually support a project’s long-term success. Tied to key milestones and development, unlocks can motivate the team, engage the community, and drive ecosystem growth.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Momentum Reignites As Bitcoin Hits New ATH: Is a Major Rally in Sight?
XRP price is gaining pace above the $0.5050 support zone. The price is rising and might even aim for a move above the $0.5500 resistance.
- XRP price is eyeing a decent increase above the $0.5250 zone.
- The price is now trading above $0.5220 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $0.5100 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it settles above the $0.5350 resistance zone.
XRP Price Climbs 4%
XRP price remained supported above the $0.4880 level. It formed a base and started a fresh increase above $0.5050 like Bitcoin and Ethereum.
There was a move above the $0.5120 and $0.5200 resistance levels. There was a break above a connecting bearish trend line with resistance at $0.5100 on the hourly chart of the XRP/USD pair. Finally, it tested the $0.5365 zone. A high is formed at $0.5368 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5368 high.
The price is now trading above $0.5200 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5350 level. The first major resistance is near the $0.5365 level.
The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5665 resistance or even $0.5720 in the near term. The next major hurdle might be $0.5840.
Another Decline?
If XRP fails to clear the $0.5350 resistance zone, it could start another decline. Initial support on the downside is near the $0.5250 level. The next major support is near the $0.5155 level or the 50% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5368 high.
If there is a downside break and a close below the $0.5155 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.500 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5250 and $0.5155.
Major Resistance Levels – $0.5350 and $0.5500.
Market
Bitget’s New Token Listing Portal Demands Quality, Not Fees
Bitget, a leading crypto exchange, opened a transparent new listing application portal for project teams. This comes shortly after several other crypto exchanges face allegations of charging huge fees for token listing.
Bitget will not charge project teams to receive a listing, but the exchange demands high standards for all listed tokens.
Bitget’s Token Listing
Crypto exchange Bitget opened a new application portal for token listings, according to a press release shared with BeInCrypto. Bitget promised that the portal would include enhanced due diligence and a rigid review process for token listings and generally aim to provide project teams with transparency. This comes one day after a major token listing controversy from Binance and Coinbase.
Read More: Bitget Review: What You Need To Know in 2024
Specifically, several token developers and community leaders described incidents where these exchanges asked for exorbitant listing fees. These include an alleged demand for 15% of one team’s total token reserve or similar expenses to receive a listing. Major exchange listings can significantly increase token valuation and trade volume, leading some to pay high premiums.
In this controversy, several parties from both sides have advocated for the growing decentralized exchange sector. However, Bitget is a centralized exchange, and it’s using this new listing portal to claim it’s a transparent one.
“[We] at Bitget strive to create a platform where crypto gems can truly shine. Bitget prioritizes projects with strong innovation, network effects, and ecosystem value. Our listing and security team work closely to make sure we bring trustworthy projects on the platform. We aim to… [drive] continuous innovation and prosperity in the crypto industry,” Bitget CEO Gracy Chen stated.
Read More: What Are Decentralized Exchanges and Why Should You Try Them?
Bitget emphasized that it does not charge any fees during the listing application process, whether to begin or as payment for assessment services. The firm also claims to collaborate with project teams in several steps and monitor tokens after the official listing. Underperforming tokens may even face delisting if they fail to meet quality standards continually.
However, the process isn’t easy. Above all, Bitget asks potential clients to report any improper conduct or conflicts of interest from company representatives.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Is a Bigger Rally on The Way?
Ethereum price found support near $2,350 and started a fresh increase. ETH is rising and might aim for a move above the $2,580 resistance.
- Ethereum started a fresh surge above the $2,500 resistance zone.
- The price is trading above $2,500 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it settles above $2,580 and $2,620.
Ethereum Price Restarts Increase
Ethereum price found support near $2,350 and started a fresh increase like Bitcoin. ETH was able to climb above the $2,420 and $2,450 resistance levels to move into a positive zone.
It cleared the 50% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low. Besides, there was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,500 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.
On the upside, the price seems to be facing hurdles near the $2,580 level. The first major resistance is near the $2,620 level. The main resistance is now forming near $2,650. A clear move above the $2,650 resistance might send the price toward the $2,720 resistance.
An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone.
Another Drop In ETH?
If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,520 level. The first major support sits near the $2,500 zone.
A clear move below the $2,500 support might push the price toward $2,450. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,450
Major Resistance Level – $2,620
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