The world of cryptocurrencies is about to enter an exhilarating phase as many projects prepare to unlock their tokens in the coming week, thereby increasing their circulating supplies. Token unlocking is a significant event that has a direct impact on cryptocurrency prices, often leading to increased selling pressure due to the higher volume of assets in circulation. This week, investors should pay close attention to six altcoins.
Let’s begin with MEME, a token that will unlock more than 5.31 billion tokens on May 3rd. These tokens make up 31.97% of the circulating supply and are valued at $155.98 million. The unlocking event will facilitate the distribution of tokens to the community airdrop, advisors, and investors.
Another altcoin, dYdX, is also gearing up for activity. On May 1st, 33.33 million DYDX tokens, representing 10.72% of the circulating supply and valued at $73.33 million, will be unlocked. These tokens will be allocated to founders, employees, future employees, and advisors.
Meanwhile, the Optimism Ethereum Layer-2 (L2) network is also set to unlock tokens. On April 29th, a transaction worth $58.47 million will unlock 24.16 million OP tokens, which will be distributed to core participants and investors.
In addition to the above, the Echelon Prime network and Sui ecosystem are also unlocking their tokens. Echelon Prime will unlock 1.66 million PRIME tokens valued at $30.03 million on April 30th, while the Sui ecosystem will release SUI tokens valued at $4.88 million on the same day.
Exciting plans are also in store for the following week. Ethena will draw attention by unlocking ENA tokens valued at $46.71 million.
The unlocking events continue this weekend as well. On Saturday, April 27th, the Yield Guild Games ecosystem will unlock 16.69 million YGG tokens, which are valued at $15.12 million. Similarly, SingularityNET will unlock 8.84 million AGIX tokens on Sunday, April 28th. These tokens will significantly contribute to the total circulating supply.
In the world of crypto, token unlocking events are often seen by investors as a potential downturn. However, it is important to note that not every token unlock results in a wave of sales. Sometimes, token prices may drop before the unlocking event takes place. Therefore, it is beneficial for investors to stay informed about upcoming token unlocking dates.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.