The world of cryptocurrencies is about to enter an exciting phase as many projects prepare to unlock their tokens in the coming week. This unlocking process has a significant impact on cryptocurrency prices, typically leading to increased selling pressure as more assets are put into circulation. Investors should pay close attention to six altcoins that are set to unlock their tokens this week.
Let’s start with the token known as MEME. On May 3rd, over 5.31 billion MEME tokens, which make up 31.97% of the circulating supply and are valued at $155.98 million, will be unlocked. This event will allow the distribution of tokens to the community airdrop, advisors, and investors.
Another altcoin to watch out for is the dYdX ecosystem. On May 1st, 33.33 million DYDX tokens, accounting for 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.
The Optimism Layer-2 (L2) network on Ethereum is also gearing up for an unlocking event. On April 29th, a transaction worth $58.47 million will distribute 24.16 million OP tokens to core participants and investors.
In addition, the Echelon Prime network and Sui ecosystem will unlock their tokens. Echelon Prime will unlock 1.66 million PRIME tokens valued at $30.03 million on April 30th, while the Sui ecosystem will release SUI tokens valued at $4.88 million on the same day.
Exciting plans are also in store for next week, as Ethena will unlock ENA tokens valued at $46.71 million.
The unlocking events continue this weekend as well. The Yield Guild Games ecosystem will unlock 16.69 million YGG tokens valued at $15.12 million on Saturday, April 27th. Similarly, SingularityNET will unlock 8.84 million AGIX tokens on Sunday, April 28th. These tokens will significantly contribute to the overall circulating supply.
In the crypto world, token unlocking events are often seen as a bearish signal by investors. However, it is worth noting that not every token unlock leads to a wave of selling. In some cases, token prices can drop before the unlocking events take place. Therefore, it is beneficial for investors to keep an eye on the upcoming dates when tokens will be unlocked.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
