Crypto currencies are entering an exciting period. According to data from TokenUnlocks, many projects will start unlocking their tokens from this weekend over the next week to increase their circulating supplies. Unlocking tokens is one of the significant events that affect the prices of cryptocurrencies. This process usually contributes to selling pressure by increasing the volume of assets in circulation. Investors in 6 altcoins should pay attention this week.
MEME, DYDX, OP: High-Value Tokens Unlocking
First, let’s look at the token named MEME. More than 5.31 billion MEME tokens, making up 31.97% of the circulating supply and valued at $155.98 million, will unlock on May 3rd. This event will allow the distribution of tokens to the community airdrop, advisors, and investors.
On the other hand, the altcoin dYdX ecosystem is also getting active. On May 1st, 33.33 million DYDX tokens, which constitute 10.72% of the circulating supply and are valued at $73.33 million, will be unlocked. These tokens will be allocated to founders, employees, future employees, and advisors.
The Ethereum Layer-2 (L2) network called Optimism is also among the unlocking events. On April 29th, an unlocking transaction worth $58.47 million will distribute 24.16 million OP tokens to core participants and investors.
Watch Out for PRIME, SUI, and ENA Tokens
Additionally, the Echelon Prime network and Sui ecosystem are 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 the same day.
Exciting plans are also in place for next week. Ethena will draw attention by unlocking ENA tokens valued at $46.71 million.
This weekend, the unlocking events continue. The Yield Guild Games ecosystem will unlock 16.69 million YGG tokens valued at $15.12 million on Saturday, April 27th. Similarly, SingularityNET will unlock 8.84 million AGIX tokens on Sunday, April 28th. These tokens will make a significant contribution to the total circulating tokens.
Generally, in the world of crypto, token unlocking events are often interpreted among investors as a downturn. However, it is hard to say that every token unlock will bring a wave of sales. Sometimes, price drops of tokens can occur before the unlocking events. Therefore, it is beneficial for investors to look at the upcoming dates when the token lock will be unlocked.
