List of $250M Token Unlock Events Next Week Indicates Potential Price Drop in Altcoin Market
Next week, there will be several token unlock events in the cryptocurrency market, with nearly eight altcoins releasing a total of $248.19 million worth of tokens. Notable projects such as Yield Guild Games (YGG), SingularityNET (AGIX), Sui, Optimism (OP), Prime, Manta Network, dYdX, and ZetaChain will be participating in these events.
The scheduled unlocks range from 0.35% to 5.57% of the circulating supply of each altcoin, which could potentially impact their market prices. Token unlocks are generally considered bearish events as they introduce selling pressure on altcoins.
Here is the timeline for the upcoming token unlock events:
1. Yield Guild Games (YGG): On February 27, 16.69 million YGG tokens worth $8.62 million will be unlocked, constituting 5.57% of the circulating supply.
2. SingularityNET (AGIX): On February 28, 8.97 million AGIX tokens worth $6.25 million will be unlocked, representing 0.71% of the circulating supply.
3. Sui: On February 29, 4 million SUI tokens worth $6.96 million will be unlocked, accounting for 0.34% of the circulating supply.
4. Optimism (OP): On February 29, 24.16 million OP tokens worth $88.42 million will be unlocked, constituting 2.52% of the circulating supply.
5. Echelon Prime (PRIME): On February 29, 1.66 million PRIME tokens worth $20.56 million will be released, representing 4.89% of the circulating supply.
6. Manta Network: On March 1, up to 1.87 million MANTA tokens worth $6.20 million will be unlocked, making up 0.74% of the circulating supply.
7. dYdX: On March 1, 33.33 million DYDX tokens worth $98 million will be poured into the market, accounting for 1.09% of the circulating supply.
8. ZetaChain: On March 1, 5.29 million ZETA tokens worth $13.18 million will be dumped, adding 2.24% of the circulating supply to the market.
It is important for traders to closely monitor these events as they can trigger significant price volatility. While token unlocks generally have a bearish impact on prices, proactive and well-prepared traders may find opportunities to make profitable trades.