A platform that tracks token unlock events, TokenUnlocks, indicates that a gaming and artificial intelligence-focused altcoin project, Echelon Prime (PRIME), is preparing for a significant token unlock that could impact its price. This particular token unlock is planned to occur on the last day of the month, February 29, 2024.
$21.46 Million Worth of PRIME Tokens to Be Unlocked
According to TokenUnlocks, on February 29 at 03:00 AM local time, Echelon Prime will unlock 1.66 million PRIME tokens valued at $21.46 million, which will be released into circulation. This token unlock corresponds to 4.89% of PRIME’s current circulating supply of 33.98 million. The substantial number of tokens to be released indicates a significant unlock event. Consequently, the altcoin’s investors are trying to anticipate potential effects and are focused on the approaching token unlock.
Data reveals that 912.04 thousand of the unlocked PRIME tokens will be transferred to the Parallel Studios Reserve, and 750 thousand will be allocated to Parallel Studios Investors.
Looking at the details of the ongoing token unlock for PRIME, it is observed that 30% of the locked tokens, which is 33.37 million tokens, have already been unlocked. Meanwhile, 12.43 million PRIME tokens are awaiting unlock without a set schedule, and the fate of 35.23 million PRIME tokens remains uncertain.
Experts Warn of Potential Price Drop
As the token unlock event rapidly approaches, investors and market participants have begun to closely monitor PRIME’s price movements. Data from CoinMarketCap indicates that the altcoin has seen a 3.33% increase over the last 24 hours, trading at $14.92 with a total market value of $507.1 million.
While this price increase is considered part of the overall market uptrend, experts warn that if demand remains constant or decreases following the token unlock, the price could be subject to selling pressure, potentially leading to a significant drop.
