Celo (CELO) is about to face a big token unlock, and the market’s not looking too happy about it. Over the past 24 hours, CELO has slipped 7.28%, now sitting at $0.3632. With more than 851.87K CELO tokens valued at about $307.43K set to be unlocked on March 30.
The tokens to be unlocked are just 0.15% of the circulating supply. Until now, the total locked tokens are 364.02 million, which is about 36.40%, the unlocked tokens are 562.53 million, which is 56.25%, and the tokens that remain untracked are 73.46 million, about 7.35%.
When tokens hit the market at once, prices tend to take a hit, and it looks like traders are already positioning themselves for what’s coming. CELO’s trading volume has dropped 4.91% to $14.53 million, suggesting that some investors are waiting to see how things unfold.
At the moment, 36.40% of CELO’s total supply remains locked, with 7.35% untracked. But the real question is—what will happen once those unlocked tokens hit the market? If a large chunk gets sold off, the price could take another hit.
With just over a day left until the unlock, all eyes are on CELO. Can the market absorb the extra supply, or is more downside on the way? The next 24 hours will tell.
Also Read: Yield Guild Games (YGG) to unlock 3.28% of supply worth $3.02M
