According to Token Unlocks data, a significant number of locked tokens will be released in various altcoins this week. With nearly $20 million worth of locked tokens scheduled to be released between June 5 and June 11, market participants are anticipating potential impacts on the cryptocurrency world. Here are the details…
What is the importance of Unlock in the cryptocurrency space?
As we have also reported as Kriptokoin.com, token unlocking refers to the process in which previously restricted or locked tokens in crypto money projects become available for trading or transfer. During lockdown periods, tokens are held by project teams or early investors to avoid instant selling. Once the lockdown period expires, the tokens are “unlocked” and can be freely traded or transferred. Unlocking tokens risks creating selling pressure. This points to the risk of affecting the token price and market sentiment. In other words, these developments can affect the market.
Unlock process begins for these altcoin projects
Market participants closely monitor token unlock events to gauge their potential impact on cryptocurrency values and market dynamics. The following altcoins and related token amounts are expected to be unlocked:
- Galxe (GAL): At 3:00 pm today, approximately 416,000 GAL tokens worth $550k will enter the market, accounting for 0.2 percent of the total supply.
- Tornado Cash (TORN): On June 6 at 06:30, 175 thousand TORN tokens will be unlocked, worth $683,000, representing 1.75 percent of the total supply.
- dYdX (DYDX): A major release of 6.5 million DYDX tokens worth $14 million is scheduled for 6 p.m. on June 6, accounting for 0.65 percent of the total supply.
- Hashflow (HFT): At 03:00 on June 7, 3.2 million HFT tokens worth $1.5 million will be unlocked, representing 0.32 percent of the total supply.
- Euler (EUL): At 20:12 on June 7, 143k EUL tokens worth $273k will be released, accounting for 0.52 percent of the total supply.
- Hop Protocol (HOP): At 9:30 am on June 9, a significant launch of 20 million HOP tokens worth $1.5 million is expected, accounting for 2 percent of the total supply. Despite the project’s lower value compared to dYdX, it is estimated that releasing 2 percent of its supply will have a more significant impact on its price.
- Moonbeam (GLMR): At 03:00 on June 10, 3 million GLMR tokens worth $850k will be unlocked, corresponding to 0.3 percent of the total supply.
- 1inch (1INCH): At 11:00 am on June 10, 21 thousand 1INCH tokens are scheduled to be released, worth $7,000, representing 0.001 percent of the total supply.
In addition to the above tokens, Sweatcoin (SWEAT) will launch $21,000 worth of coins every day. On the other hand, GMX (GMX) will unlock 416 tokens worth $22,000 per day.
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