We looked at the four cryptocurrencies that will be “token unlocking” in the near future, based on their price and project effects.
Based on data from TokenUnlocks, we’ve compiled the cryptocurrencies that are expected to unlock this week. These crypto projects will add to the existing circulating supply with the token unlock. In cryptocurrencies, whose circulating supply will increase, the effects on price and market direction have been a matter of curiosity.
Belonging to early investors, sponsors or partnerships, these new tokens are being watched carefully for selling pressure once unlocked. In the near future, notable “token unlocks” will take place on the side of 1INCH, GAL, ACA, IMX.
1- 1inch Network (1INCH)
The decentralized crypto exchange 1inch, or 1INCH for short, is a platform that scans other decentralized exchanges and offers its users the best prices and lowest transaction fees.
One of the unlocking coins, 1INCH, will unlock 274,286 1INCH, 0.018 percent of the total supply. Popular Ethereum-based decentralized exchange project 1INCH will circulate $152,763 worth of tokens. On the decentralized exchange platform, the number of currently unlocked tokens stands out as 833,118,341. The remaining amount of locked tokens consists of 554,945,095 1INCH of approximately $309 million.
This token unlocking, which will be carried out on the 1inch side, will lead to the circulation of 152 thousand dollars token. Considering the current market value of the project, the level of 442 million dollars draws attention. At this market value and with a daily volume of more than $2 million, the circulation of the $152k supply may not have a serious impact. However, it is on the table that if it coincides with the market conditions and the decrease in buying appetite, it may experience a minor correction.
2- Galxe (GAL)
Galxe (GAL) is a leading Web3 credential data network. Built on an open and collaborative infrastructure, Galxe helps Web3 projects leverage digital identity data and NFTs to build better products and efficient communities.
GAL, another prominent name among the coins that will perform the unlocking, will go to the 192,307.69 GAL unlocking as 0.096 percent of the total supply. The GAL, which will be unlocked, is worth $423,077. The number of unlocks opened in GAL, which stands out with its Web3 works, is 72.195,190. The remaining number of locked tokens is 127,804,810 GAL tokens, equivalent to $282,448,631.
This token unlocking for GAL will include $423,000 worth of tokens into circulation. Considering the current market value of the project, the level of 102 million dollars stands out. On the side of the GAL with this market cap, the inclusion of a supply of 423 thousand dollars in circulation may not have a drastic effect. However, as a result of negative scenarios that may occur on the Bitcoin (BTC) side, the price decrease for GAL may increase even more.
3- Acala (ACA)
ACA is an Ethereum-compatible, smart contract platform consisting of a decentralized finance (DeFi) network and liquidity hub for Polkadot (DOT). The ACA infrastructure includes a stablecoin network and liquidity staking platform.
Another coin that will unlock will be ACA, 0.466 percent of the total supply will go to 4,657,534 ACA unlocks. The ACA, which will be unlocked, is worth $654,626. ACA, one of the platforms popularized by DOT, currently has 249,564,611 ACA unlocks, unlocked tokens are worth approximately $34,653,544. The remaining number of locked ACAs is 750,435,389, equivalent to approximately $104,202,456.
With the token unlock to be made by the ACA, 654 thousand dollars worth of token will be added to the circulation. Considering the current market value of ACA, it is seen to be around 84 million dollars. On the ACA side with this market cap, the inclusion of $654,000 worth of supply in circulation may not cause a sharp drop in price.
4- ImmutableX (IMX)
IMX is the Ethereum token that powers Immutable X. Immutable X is a scaling solution for NFTs and aims to enable near-instant low-fee transactions. IMX; It can be used to stake on Immutable X, vote on the future of the protocol, and pay transaction fees.
Another coin that will be unlocked, IMX, will go to 18,075,990.62 IMX unlocks as 0.904 percent of the total supply. IMX, which will be unlocked, is worth $ 20,245,109. IMX, which offers solution methods for NFTs, currently has 894,157,380 locks unlocked, with a value of approximately $1,001,456,265. The remaining number of locked IMX is 1,105,842,620 with a value of 1,238,543,735 dollars.
With the token unlock that IMX will perform, it is worth $ 20,245 million tokens. Looking at the current market value of IMX, it is seen that it is at the level of 881 million dollars. On the IMX side with this market cap, the circulating of $20 million worth of supply could lead to price drops. Considering the percentage rate, IMX investors may need to be careful in this process, as a 0.904 percent unlock will occur.
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