According to data from crypto analytics platform Token Unlock, 6 altcoin projects will be unlocked this week. The unlock action of one of them, the popular metaverse coin Axie Infinity (AXS), took place yesterday.
Unlock event for altcoin projects
According to data from Token Unlock, Axie Infinity (AXS), Acala (ACA), Galxe (GAL), Ronin (RON), Yield Guild Games (YGG) and ImmutableX (IMX) have unlock actions this week. As Cryptokoin.com reported, the unlock event for the AXS token took place yesterday. However, the tokens of 5 altcoin projects that are preparing to enter the market are pending.
Source: Token UnlockAccording to Token Unlock’s data, the calendar and detailed data for unlock events this week will be as follows:
- Acala (ACA): Approximately 4.6 million tokens will be unlocked on January 25. The tokens to be circulated make up 0.466% of the total supply.
- Galxe (GAL): Approximately 192,000 tokens will be unlocked on January 26. The tokens that will enter circulation correspond to 0.096% of the total supply.
- Ronin Network (RON): 42.9 million tokens will be unlocked on January 27. These tokens account for 4.293% of the total supply.
- Yield Guild Games (YGG): 16.8 million tokens will be unlocked on January 27. These tokens represent 1.68% of the total supply.
- ImmutableX (IMX): 18 million coins will be unlocked on January 28. These tokens account for approximately 0.90% of the total supply.
Axie Infinity (AXS) held its unlock event
The price of Axie Infinity (AXS), which held the token unlock event, has increased by 9.92% in the last 24 hours. The altcoin is currently trading at $12.52. It is also further contributing to its 80% rally that started two weeks ago, according to data from CoinMarketCap. The circulating supply of AXS, the governance token behind the metaverse coin Axie Infinity, also increased yesterday. Thus, about 2% of the token’s total supply was unlocked and distributed.
Axie Infinity players use the Smooth Love Potion (SLP) token to facilitate in-game functions, while owning AXS allows players to vote on the development of the game and how the project’s treasure will be deployed. Unlocking earned tokens often results in bearish pressure as they dilute the circulating supply and often trigger increased selling pressure. AXS, however, had an adverse reaction to this. According to experts, this could turn into selling pressure as the unlock event is now lagging behind the market.
AXS currently has a market cap of $1.47 billion per CoinMarketCap and a fully diluted value of $3.46 billion. Judging by the data from TokenUnlocks, the unlock process is significantly smaller than the previous event in November or the unlock in May. According to the token economy and allocation described in Axie Infinity’s whitepaper, the largest share of unlocked tokens (29%) throughout the entire qualifying program will be distributed as staking rewards, with the second largest share going to the team (21%).
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