- The cryptocurrency market is set to experience a significant number of token unlock events in the upcoming week, impacting 25 altcoins.
- These events coincide with positive economic data from the U.S., suggesting a potentially volatile week for these digital assets.
- “Token unlocks can lead to increased volatility as market participants react to the sudden increase in liquid supply,” notes a leading crypto analyst.
This article delves into the upcoming week’s major token unlock events across various cryptocurrencies, providing insights into potential market impacts.
Overview of Key Token Unlocks
The crypto market is bracing for a week filled with significant token unlocks that could sway the prices of several altcoins. Here’s a detailed look at some of the notable unlocks scheduled for the next week.
Braintrust (BTRST) and DexCheck (DCK)
Braintrust is set to unlock tokens worth approximately $2.71 million, which represents 1.50% of its market cap, while DexCheck will unlock $2.38 million worth of tokens, accounting for 13.25% of its market cap. Both events are scheduled for May 20, 2024, at 03:00 UTC+3.
High-Volume Unlocks: Pyth Network (PYTH) and Mintlayer (ML)
Pyth Network’s unlock is particularly noteworthy, with $809.09 million worth of tokens being released, a staggering 141.65% of its current market valuation. Similarly, Mintlayer will see a significant unlock amounting to 26.19% of its market cap on May 21, 2024. These large unlocks could lead to substantial price movements.
Smaller Market Cap Coins: Iron Fish (IRON) and Forgotten Playland (FP)
Iron Fish and Forgotten Playland, both smaller market cap coins, are also scheduled for token unlocks. Iron Fish will unlock tokens worth 3.12% of its market cap, while Forgotten Playland will release 45.08% of its market cap in tokens, indicating potential high volatility for these coins.
Conclusion
The upcoming week is crucial for traders and investors in the cryptocurrency market, as multiple significant token unlocks could influence market dynamics extensively. Monitoring these events closely will be key for market participants looking to manage risks and capitalize on potential opportunities.
