Crypto
PROVE Token Unlock Sends Shockwaves Through Market Amid Liquidity Concerns
The Succinct Foundation's PROVE token is set to unlock 100 million tokens today, August 5th. This release accounts for a significant portion of the estimated circulating supply, with CryptoSlate estimating it at around 195 million tokens.
Under the foundation's terms, 26.25 million tokens belong to investors and 73.75 million to contributors. These figures represent 10.5% and 29.5% of the total PROVE token supply, respectively.
The unlock has raised concerns about liquidity in the market, with razor-thin trading volumes reported on major exchanges like Binance and Bybit. CoinGecko listed around $102,821 of PROVE/USDT depth within 2% above and below the quoted price.