Token prices for Sui (SUI) and Hedera (HBAR) are experiencing a downturn as both projects prepare for an increase in circulating supply due to scheduled token unlocks this week. Token unlocks allow early investors and project team members to sell their tokens, aiming to manage selling pressure on the tokens. As a result of these impending unlocks, Sui’s token price has dropped by 7% in daily trading, currently trading at $0.54, while HBAR’s price has seen a 4% decline, reaching $0.05.
Comparatively, Ethereum’s ether (ETH) has experienced a smaller decline of 0.3% in its price.
TokenUnlocks, an aggregated data source, reveals that Sui intends to raise its token allocation for staking subsidies from 967,740 to 1 million SUI, equivalent to around $540,000. Concurrently, Hedera plans to allocate 1.15 billion HBAR, valued at $64.3 million. This allocation will be divided between network governance, purchase agreements, and ecosystem development.
HBAR recently recorded a 15% surge earlier this month after its integration into the U.S. Federal Reserve’s FedNow platform. This integration contributed to a price increase of 50% since mid-June, leading to a market capitalization surpassing $2 billion for Hedera.