As is often the case, critical altcoin unlocks are gaining attention this week. For the most part, the unlocking and launch of new tokens does not cause any selling pressure on the coins. However, investors are still following the unlock process closely. Here are this week’s key unlocks
Which altcoin projects are unlocking this week?
Token Unlocks data revealed a series of unlock events that led to the release of significant token values this week. BIT and APE are starting the unlock spree by unlocking more than $50 million in tokens, while ROSE and IMX are set to follow suit, unlocking more than $10 million in tokens. There are also important unlocks for SWEAT. Some expect these unlock events to affect the respective altcoin projects and market dynamics.
First of all, today, 187,499,999.36 BIT tokens were unlocked on BitDAO. This release cost approximately $91.85 million, or 1.95 percent of the total supply. The release of these tokens has been a major event for BitDAO and its community. Potentially impacted the market sentiment surrounding the project.
Tomorrow, at 06:00 CET, Sweatcoin (Sweat Economy) will also experience significant token unlocking. With 22,515,021,563 SWEAT tokens worth $151.41 million expected to be unlocked, the project comes to the fore. The total token supply amounts to 5.93 billion SWEAT. So this unlock event represents 69.13 percent of the available tokens.
APE, ROSE, 1INCH and IMX unlock too
Looking ahead, APE tokens will be unlocked on May 17 and 15,601,325 tokens worth approximately $51.64 million will become available. This unlock event accounts for 1.56 percent of the total supply. It is expected to attract great interest from investors and traders interested in APE. On May 18, the amount of 1inch coins equivalent to 9 thousand dollars will be unlocked.
Also, on May 19, Oasis Network’s ROSE tokens will be unlocked, with a total value of approximately $10.65 million. This unlock will release 199,500,000 tokens representing 1.99% of the total supply. Oasis Network continues to attract attention in the Blockchain ecosystem. For some, this unlocking event will likely play a role in shaping the future direction of the project.
Finally, ImmutableX’s IMX tokens are scheduled to be unlocked on May 20. This unlock will release 18,075,990.71 IMX tokens worth approximately $13.57 million, accounting for 0.904 percent of the total supply. ImmutableX’s innovative layer-2 scaling solution has garnered attention in the Blockchain community.
How do unlock processes affect price?
Investors and enthusiasts will be watching these unlock events closely as they have the potential to impact the altcoin market and the general sentiment surrounding these projects. Unlocking significant token values often generates interest and discussion within the crypto community. Although a price change is usually expected, such a movement may not always be seen. For example, Aptos unlocked $39 million worth of APT last week, as we’ve also reported as Kriptokoin.com. However, the APT price did not change dramatically.
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