In the cryptocurrency market, the unlocking process is met with interest by many investors. Because sometimes millions of tokens enter the market. This, in turn, can lead to an increase in supply, and therefore a change in the price of altcoins. Although a decrease is expected in the price after the unlock, this movement may cause an increase recently. That’s why cryptocurrency investors and traders keep their unlock dates in mind. Here are those 6 altcoins that will be unlocked this week…
Unlock dates for 6 altcoins announced
The term token lockout refers to a specific period of time during which cryptocurrencies cannot be traded or traded. Typically, these deadlocks are used as a preventative strategy to maintain a stable long-term value of a given asset. This can help prevent big purse holders from selling their tokens all at once on the market. There are also processes where these tokens are unlocked. In the list below, you can see the unlocks that will take place this week:
- According to Token Unlocks data, today will witness the unlocking of 586,666 Galxe (GAL) 586,666 GALs at around 15 CEST. This amount is equivalent to 0.2 percent of the altcoin’s total supply, so it can be seen as quite a small amount. In terms of US dollars, it’s equivalent to $1.3 million.
- On January 31, at 03:00 CET, 15,000 INCH ($7,875) will be unlocked in 1inch (1INCH) coin.
- On February 1 at 02:22 CEST, 89,796 EULs ($470,000) will be unlocked in Euler (EUL) coin. That’s 0.33% of the total supply.
- Again on February 1, at 10.00 CET, 32 million ACA ($4.4 million) in Acala (ACA) coin will enter the market. That’s 3.2 percent of the total supply.
- On February 4 at 08:25 CEST, 37.5 million X2Y2 ($ 5 million) will be unlocked in the X2Y2 token. This means 3.75% of the total coin supply.
- On February 3, at 03:00 CET, NYM 78.75 million ($ 20 million) will be unlocked in Nym (NYM) coin. This equates to 7,875 percent of the total token supply.
Latest unlocked coins
As we reported as Kriptokoin.com, the token unlock process in Axie Infinity (AXS) last week increased the price of the cryptocurrency. Immediately after the unlock, the coin gained over 20 percent. Unlocking “Vested” tokens often results in bearish pressure as they dilute the circulating supply and often trigger increased selling pressure. However, as we mentioned above, the opposite trend has been observed recently.
Ronin (RON), on the other hand, rose over 25 percent before the 22.19 million coins were unlocked on January 25. Apart from that, it has been announced that dYdX (DYDX), which will be unlocking soon, has postponed this plan to the end of the year.
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