2023-5-30 16:10 |
Hedera Hashgraph is gearing for a major token unlock that will affect the HBAR price. The developers will release over 1.27 billion tokens worth more than $67 million. According to TokenUnlocks, this will be a big unlocking event, with these tokens going to purchase agreements, ecosystem growth, and network governance and operations.
Hedera Hashgraph will still have more tokens locked. It now has over 28.4 billion tokens locked and 21.5 billion unlocked. If the vesting process goes on as scheduled, the last tokens will be unlocked in February 2024.
Historically, token unlocks are usually bearish for cryptocurrencies since it leads to a significant dilution. It can be compared to stock issuance, with the only difference being that token unlocks is part of a cryptocurrency’s tokenomics.
In cryptocurrencies, token unlocks are usually offset by a token burn, where people take them in an unrecoverable address. It is unclear whether Hedera Hashgraph has implemented a burn mechanism in its ecosystem.
In most cases, cryptocurrencies going through a token unlock event tends to underperform. This explains why HBAR price is loitering near the lowest level since January this year. It has crashed by more than 45% from its highest level in 2022.
Hedera Hashgrph is not the only crypto going through a major token unlock this week. As my colleague wrote here, Optimism is going through one of the biggest token unlock events this week. The developers will unlock tokens worth more than $530 million.
The post Hedera Hashgraph set to unlock $67M worth of HBAR tokens appeared first on Invezz.
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