The world of cryptocurrencies is entering an exciting phase as many projects are set to unlock their tokens in the coming week, thereby increasing their circulating supplies. Token unlocking is a significant event that often impacts the prices of cryptocurrencies, as it introduces additional assets into the market. This week, investors should keep an eye on six altcoins.
Let’s start by discussing the token named MEME. On May 3rd, over 5.31 billion MEME tokens, which account for 31.97% of the circulating supply and are valued at $155.98 million, will be unlocked. This unlocking event will enable the distribution of tokens to the community airdrop, advisors, and investors.
Moving on, the dYdX ecosystem is also gearing up for activity. On May 1st, 33.33 million DYDX tokens, constituting 10.72% of the circulating supply and valued at $73.33 million, will be unlocked. These tokens will be allocated to founders, employees, future employees, and advisors.
Another notable unlocking event involves the Ethereum Layer-2 (L2) network called Optimism. On April 29th, a transaction worth $58.47 million will unlock 24.16 million OP tokens, which will be distributed to core participants and investors.
In addition, the Echelon Prime network and Sui ecosystem will also unlock their tokens. On April 30th, Echelon Prime will release 1.66 million PRIME tokens valued at $30.03 million, while the Sui ecosystem will unveil SUI tokens valued at $4.88 million on the same day.
Looking ahead to next week, Ethena will draw attention by unlocking ENA tokens valued at $46.71 million.
This weekend, the unlocking events continue. On Saturday, April 27th, the Yield Guild Games ecosystem will unlock 16.69 million YGG tokens worth $15.12 million. Similarly, SingularityNET will unlock 8.84 million AGIX tokens on Sunday, April 28th. These tokens will significantly contribute to the total circulating supply.
In the world of crypto, token unlocking events are often perceived by investors as a downturn. However, it is important to note that not every token unlock leads to a wave of selling. In some cases, token prices may drop before the unlocking events. Therefore, it is beneficial for investors to keep an eye on upcoming dates when token locks will be lifted.
Disclaimer: The information provided in this article should not be considered investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.
