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.  

Source: CoinMarketCap

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.