Upcoming Lock Openings Drive Volatility in Altcoin Market

A new month has begun for cryptocurrency investors, with BTC finding buyers at $68,500. This month is expected to be active for altcoins due to significant news flow and crucial lock openings. The question arises: which altcoins will have their lock openings this month, and when will they occur?

November Altcoin Lock Openings

This month will see a total of $2.68 billion worth of lock openings. According to data from Tokenomist (formerly Token Unlocks), the largest lock openings will be conducted by projects such as Memecoin (MEME), Aptos, Arbitrum, Avalanche, and Optimism.

Lock openings in cryptocurrencies are distributed to early investors, developers, and other stakeholders supporting the ecosystem. These openings are crucial for the team’s continued revenue stream.

The meme project Memecoin plans to introduce approximately 3.45 billion tokens worth around $37.8 million for an airdrop. Daily, 10 million tokens valued at $117,000 will be sent to wallets. The MEME Coin price currently sits at $0.01, which is 81% below its all-time high.

Aptos and Arbitrum

The Layer-1 network Aptos (APT) will unlock 11.31 million tokens worth $93 million. Of this, $32 million will be distributed to core participants, while $26 million will go to the community. APT is currently trading at $8.24, which is 54% below its peak.

The Ethereum $2,503 layer-2 network Arbitrum will also release 92.65 million tokens valued at $45 million. These lock openings will be allocated to investors, the team, and advisors. However, none of these events can match the recent $900 million lock opening by TAI Coin, which has seen a 24% decline in price since October 24.

Significant lock openings for ARB Coin have also contributed to a downward price trend. ARB Coin is currently trading at $0.48, representing a 79% decline from its all-time high on January 12. Following the election results announced on Tuesday, we will gain clearer insights into the impact of lock openings and other events on altcoins. Bitcoin $102,026 is currently trading at $68,430, while altcoins are continuing the day with an average loss of 4%.