Altcoin Market Poised for Price Drop as $250M Token Unlock Events Next Week, Here’s The List
Mustafa Mulla24 Feb 20242 min read
In a recent tweet, Token Unlock shed light on the upcoming token unlock events scheduled between February 27 and March 1 with nearly eight altcoins set to release $248.19 million worth of cryptocurrency tokens.
Meanwhile, these events involve notable projects such as Yield Guild Games (YGG), SingularityNET (AGIX), Sui, Optimism (OP), Prime, Manta Network, dYdX, and ZetaChain.
However, the scheduled unlocks range from 0.35% to 5.57% of their circulating supply, potentially influencing the market price of these altcoins.
Timeline For Token Unlock
Token unlocks are generally considered bearish events in the crypto market as they introduce increased selling pressure on altcoins. Next week’s schedule includes significant events:
Yield Guild Games (YGG): Unlocking 16.69 million YGG tokens worth $8.62 million on February 27, constituting 5.57% of the circulating supply.
SingularityNET (AGIX): Unlocking 8.97 million AGIX tokens worth $6.25 million on February 28, representing 0.71% of the circulating supply.
Sui: Unlocking 4 million SUI tokens worth $6.96 million on February 29 (0.34% of the circulating supply).
Optimism (OP): Unlocking 24.16 million OP tokens worth $88.42 million on February 29 (2.52% of the circulating supply).
Echelon Prime (PRIME): Releasing 1.66 million PRIME tokens worth $20.56 million on February 29, constituting 4.89% of the circulating supply.
Manta Network: Unlocking up to 1.87 million MANTA tokens worth $6.20 million on March 1 (0.74% of the circulating supply).
dYdX: Pouring 33.33 million DYDX tokens worth $98 million on March 1 (1.09% of the circulating supply).
ZetaChain: Dumping 5.29 million ZETA tokens worth $13.18 million on March 1, adding 2.24% of the circulating supply to the market.
Market Reaction on Unlocks Token
Token unlocks are typically seen as events that can have a bearish influence on cryptocurrency prices. The extent of this impact is more robust when cryptocurrencies unlock more than 3% of their circulating supply, often leading to price corrections.
However, traders must keep a close eye on these events as they can trigger significant price volatility. Traders who are proactive and well-prepared may find opportunities to make profitable trades.
