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Today, there is an important development in the cryptocurrency world. The relevant development is related to the altcoin AltLayer (ALT). The token lock will be opened. The opening will take place at 13:00 Turkish time. Let’s look at the details of the development.
AltLayer Will Open Token Lock
A cryptocurrency, AltLayer (ALT), will face the unlocking of 105.21 million ALT tokens worth $20.03 million at 13:00. This event is critically important as it represents approximately 6.92% of AltLayer’s total circulating supply. Such unlocking events are closely monitored due to their potential impact on the token’s market price.
As of the time of writing, ALT is trading at $0.188, with a 7.15% increase in the last 24 hours. Despite this recent price movement, the unlocking of a significant number of tokens could bring volatility to the ALT market. Investors typically expect price fluctuations around unlocking dates, as the sudden increase in circulating supply can lead to selling pressure if holders decide to capitalize on their unlocked tokens.
On the other hand, it should be noted that today’s increase in ALT price is connected to yesterday’s sharp decline. Yesterday, the pullback in Bitcoin’s price significantly affected all altcoins. The recovery has also impacted the altcoin ALT price, resulting in today’s increase.
