Crypto market set for $189 million token unlocks next week, here's what to expect

The crypto market will experience token unlocks worth nearly $190 million next week, with Optimism (OP) and Sui (SUI) set to inject over $50 million worth of new tokens into their circulating supply.

Crypto token unlocks to watch out for next week

Data from token tracker Token Unlocks reveals that OP, SUI, ZETA, GAL, DYDX, ENA, YGG, PRIME, AGIX, MANTRA, EUL, TORN, 1INCH, and FORT are poised to round up July with unlock events, where $189 million worth of their supply will be released into circulation.

Optimism (OP) and Sui (SUI) will see the highest unlock volume next week, with $54 million and $50 million of their tokens entering circulation, respectively. The unlock makes up over 2% of their circulating supply.

ZETA, GAL, and DYDX follow behind with $34 million, $13 million and $10 million worth of their tokens being unlocked, respectively. ZETA is the only token set to release more than 5% of its supply. Its $34 million unlock represents 18.92% of its circulating supply.

AGIX token is also set to add $4 million worth of its tokens to its circulating supply amid the ongoing merger with OCEAN and FET to become the Artificial Super Intelligence (ASI) token.

Token Unlocks data shows that all the tokens experiencing unlocks next week are up in the past 24 hours. Most of them will release less than 5% of their circulating supply to the market.

Token unlock events are known to historically affect the price of a token, often causing heavy declines.