Attention for DYDX Coin and its 10th Next Week: Locks Are Opening!

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In a recent tweet, Token Unlocks shed light on upcoming token unlock events scheduled between February 27 and March 1, which will see approximately eight altcoins launch $248.19 million worth of cryptocurrency tokens. Meanwhile, these events include notable projects such as Yield Guild Games (YGG), SingularityNET (AGIX), Sui, Optimism (OP), Prime, Manta Network, dYdX coin and ZetaChain. However, planned unlocks range from 0.35% to 5.57% of the circulating supply, potentially impacting the market price of these altcoins. Here are the details…

Token Unlocks releases timeline for DYDX coin and others

Token unlocks are generally considered bearish events in the crypto market as they increase selling pressure on altcoins. Next week’s schedule includes important events:

  • Yield Guild Games (YGG): On February 27, 16.69 million YGG tokens worth $8.62 million will be unlocked, accounting for 5.57% of the circulating supply.
  • SingularityNET (AGIX): On February 28, 8.97 million AGIX tokens worth $6.25 million will be unlocked, representing 0.71% of the circulating supply.
  • Nym (NYM): 25 million NYM worth $5.09 million will be unlocked on February 27.
  • Sui: On February 29, 4 million SUI tokens worth $6.96 million will be unlocked (0.34% of the circulating supply).
  • Optimism (OP): 24.16 million OP tokens worth $88.42 million are expected to be unlocked on February 29 (2.52% of circulating supply)
  • Echelon Prime (PRIME): On February 29, 1.66 million PRIME tokens worth $20.56 million will enter the market, accounting for 4.89% of the circulating supply.
  • Euler (EUL): It will release 1.86 92k tokens worth $6.20 million on February 29th. This represents 0.5 percent of the total supply.
  • Manta Network: Up to 1.87 million MANTA tokens worth $6.20 million are unlocked on March 1 (0.74% of the circulating supply).
  • Acala (ACA): On March 1, 27.43 million ACAs worth $2.74 million will be unlocked.
  • dYdX: On March 1, 33.33 million DYDX tokens worth $98 million were poured (1.09% of the circulating supply).
  • ZetaChain: On March 1, it sold 5.29 million ZETA tokens worth $13.18 million, adding 2.24% of the circulating supply to the market.

What will be the market reaction when the locks are opened?

Token unlocks are generally viewed as events that can have a bearish impact on cryptocurrency prices. The magnitude of this impact is stronger when cryptocurrencies unlock more than 3% of their circulating supply, which often leads to price corrections. However, investors need to keep a close eye on these events because they can trigger significant price fluctuations. Proactive and well-prepared investors can find opportunities to make profitable trades.

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