- This week, a significant token unlock event will occur for 13 altcoin projects, releasing hundreds of millions of dollars into the circulating supply.
- According to Token Unlocks, from July 29 to August 4, over $364 million worth of tokens will be unlocked, impacting projects like Optimism (OP) and Galxe (GAL).
- Typically, the release of more than 1% of the circulating supply has a negative effect on token prices. Particularly, the token unlocks for PRIME, OP, and DYDX are noteworthy.
Learn how upcoming token unlocks might influence the cryptocurrency market this week, as significant amounts of altcoins are set to be released.
Upcoming Significant Token Unlocks to Watch
The crypto market is anticipating large token unlocks for several altcoins, which could lead to price fluctuations. Investors are especially keen on the upcoming unlock events for projects like Wormhole, Sui, and Optimism. These three projects alone will see unlocks exceeding $10 million.
Impact on Market Prices
Historically, when an altcoin releases more than 1% of its circulating supply, a price drop follows due to the increased supply. For Wormhole, Sui, and Optimism, the expected releases of a significant number of tokens could potentially drive their prices down. The market’s reaction to these events must be closely monitored by investors.
Detailed Breakdown of Upcoming Token Unlocks
Here is a detailed schedule of the cryptocurrency token unlocks set to occur this week:
- Tornado Cash (TORN): $235,000 worth of tokens (25 million) will be unlocked on July 29 at 16:00 UTC, releasing 2.41% of the circulating supply.
- Echelon Prime (PRIME): $6 million worth of tokens (750,000) will be unlocked starting July 31 at 12:00 UTC, releasing 1.75% of the circulating supply.
- Optimism (OP): $54 million worth of tokens (31 million) will be unlocked on July 31 at 12:00 UTC, releasing 2.88% of the circulating supply.
- Pendle (PENDLE): $1.8 million worth of tokens (270,000) will be unlocked on July 31 at 13:00 UTC, releasing 0.17% of the circulating supply.
- Manta Network (MANTA): $3 million worth of tokens (2.87 million) will be unlocked on July 31 at 13:00 UTC, releasing 0.82% of the circulating supply.
- dYdX (DYDX): $10 million worth of tokens (8 million) will be unlocked on August 1 at 03:00 UTC, releasing 3.91% of the circulating supply.
- Green Metaverse Token (GMT): $3 million worth of tokens (22 million) will be unlocked on August 1 at 13:00 UTC, releasing 1.13% of the circulating supply.
- Sui (SUI): $53 million worth of tokens (68 million) will be unlocked on August 1 at 13:00 UTC, releasing 3% of the circulating supply.
- Portal (PORTAL): $2.3 million worth of tokens (7 million) will be unlocked on August 1 at 15:00 UTC, releasing 3.64% of the circulating supply.
- ZetaChain (ZETA): $34 million worth of tokens (54 million) will be unlocked on August 1 at 16:00 UTC, releasing 19.37% of the circulating supply.
- Galxe (GAL): $12 million worth of tokens (4 million) will be unlocked on August 2 at 12:00 UTC, releasing 3.53% of the circulating supply.
- Wormhole (W): $178 million worth of tokens (612 million) will be unlocked on August 2 at 13:00 UTC, releasing 1.13% of the circulating supply.
- Ethena (ENA): $7 million worth of tokens (14 million) will be unlocked on August 3 at 03:00 UTC, releasing 0.62% of the circulating supply.
Conclusion
The upcoming week will be crucial for these 13 altcoin projects as they undergo substantial token unlocks. Investors should be prepared for possible market volatility, especially for the tokens where a significant portion of the circulating supply will be released. Staying informed on these developments can provide strategic insights for making timely decisions in the cryptocurrency market.
