Investors in the cryptocurrency market are eagerly awaiting the unlocking of many altcoins this week. This week unlocks Moonbeam (GLMR), dYdX (DYDX), Aptos (APT), Euler (EUL), Sweatcoin (SWEAT), Galxe (GAL), Nym (NYM), BitDAO (BIT), and ApeCoin (APE) It will affect many altcoins, including Here are the details…
Four altcoin projects unlock in the first days of the week
The first unlock to watch will come from Moonbeam (GLMR). This transaction will take place on April 11 at 03:00 CEST. The amount of unlocks transferred to the market is $4.7 million, representing 1.3 percent of the total supply. Moonbeam is an Ethereum compatible parachain on Polkadot. Moonbeam makes it easy to use popular Ethereum developer tools to build or redistribute Solidity projects in a Substrate-based environment.
Shortly after, dYdX (DYDX) will also open on April 11 at 06:20 CET. The amount opened is $15.7 million, representing 0.7 percent of the total supply. dYdX is a decentralized derivatives exchange that allows margin trading and perpetual futures contracts. On the other hand, at 03:00 on April 12, Aptos (APT) will unlock $49.4 million, representing 0.5 percent of the total supply. cryptocoin.com As we have reported, Aptos is a PoS network that uses the smart contract language called Move.
In addition, Euler (EUL) will unlock $420,000 in tokens, representing 0.4 percent of the total supply, at 08:38 on April 12. Euler is a capital-efficient protocol that helps users earn interest on crypto assets or hedge against volatile markets without the need for a trusted third party.
Thousands of tokens enter the market in SWEAT, GAL, NYM
On the other hand, at 03:00 on April 13, Sweatcoin (SWEAT) will unlock $1.2 million, representing 0.6 percent of the total supply. Sweatcoin is a cryptocurrency that rewards users for being active and promotes healthy lifestyles. Later that same day, Galxe (GAL) will unlock $365.4k, representing 0.1 percent of the total supply, at 15:00. Galxe is a decentralized platform that allows users to create and launch their own tokens and smart contracts.
At 03:00 on April 14, Nym (NYM) will unlock $2.9 million in tokens, representing 1.3 percent of the total supply. Nym is a privacy-focused Blockchain platform that enables anonymous and untraceable transactions.
The biggest unlock of the week is from BitDAO
The biggest unlock of the week comes from BitDAO (BIT), which will unlock $96.8 million in tokens, representing 2.0 percent of the total supply, on April 15 at 03:00. BitDAO is a DeFi-focused decentralized autonomous organization (DAO). Finally, ApeCoin (APE) will unlock $65.4 million, representing 1.6 percent of the total supply, at 03:00 on April 17. ApeCoin is an ERC-20 governance and utility token at the forefront of web3 within the APE Ecosystem.
Investors of these altcoins will be keeping a close eye on the token unlocking this week as it could have a significant impact on the market price of the coins. Unlocking tokens can increase the circulating supply, which can lead to a drop in price if demand for the coin does not increase proportionally. However, if demand for the coin remains high, the price may continue to rise even with increased supply. As always, investors are advised to do their own research and make informed decisions based on their investment goals.
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