Seven altcoin projects will unlock tokens this week. The unlocking of tokens stands out as a particularly critical development in the cryptocurrency market. Cryptocurrency investors are wondering if the supply of any cryptocurrencies in their portfolio will multiply. Because token prices generally do not respond well to an increase in supply. Here are seven altcoin projects that will be performing the token unlock this week…
Some altcoin projects are unlocked this week
Today, on May 1, the 1inch exchange will be the first major protocol to unlock tokens this week. However, with only 21,429 tokens released, no major impact on token prices is expected. The unlockable 1INCH tokens have a total value of less than $10,000 at current prices of around $0.463. According to Token Unlocks, 37 percent of the total supply of approximately 1.4 billion coins remains locked. Also, the token economy is largely geared towards the team and investors. According to the token economy, there are 1.29 billion team-specific tokens in 1inch’s unlock program, which continues until December 2024.
Also on May 1st, Polkadot-based web3 finance platform Acala will release assets. Approximately 27.4 million ACA tokens, worth roughly $2.3 million, will be unlocked. These represent 2.74 percent of the total supply. Therefore, there is a risk of some downside pressure on token prices, according to experts.
Unlock process begins for ACA, NYM and more
Of Acala tokenomics, 34 percent is allocated to mass loan participants, 29 percent to strategic partners, and 12 percent to reserves. The vesting and unlocking program continues until March 2028. The ACA is trading down 97 percent from its high of $0.087. Nym, on the other hand, will launch about 7.4 percent of its total supply on May 3. About $16.3 million worth of NYM tokens are being released this week to expect downward pressure on prices.
Trader Joe’s, on the other hand, unlocks tokens every two days, and the next token launch will be on May 3 with 108,000 JOE tokens. On May 5, token unlocks for Liquidity (LQTY) and Galxe (GAL). Meanwhile, on May 7, Tornado Cash will unlock 175,000 TORN tokens worth approximately $1.3 million. The theory is that the process aligns incentives for all DeFi project investors and stakeholders. But the truth is that this process often causes short-term fluctuations and selling pressure.
What is the latest situation in the crypto money markets?
Crypto markets have mostly turned red, according to data from Kriptokoin.com on Monday morning. Its total market capitalization shrank by 1.7 percent during the day to $1.23 trillion. BTC fell 2% to $28,595 while Ethereum (ETH) fell 2.7 percent to $1,848. The only crypto in the top 20 to counter this trend was Binance’s BNB, which hit $335 with a 4.4 percent gain. According to some experts, it looks like the fix is starting again. For this reason, projects that are in the unlocking process this week may experience heavier losses.
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