CELO drops 7% ahead of $204M token unlock event

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 562 million CELO tokens valued at about $204.65 million set to be unlocked soon, investors are preparing for a potential wave of selling pressure.

This isn’t just a small unlock; it’s more than half of the total circulating supply. When that many 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