17 altcoins, including dYdX, ApeCoin, Aptos and Axie Infinity, will unlock over $330 million worth of tokens in April. In this article, let’s take a look at 3 projects that could have an impact on the market due to their high volume.
These 3 altcoins will release massive amounts of tokens in April
Leading DeFi, NFT and metaverse projects are set to unlock millions of tokens this month. cryptocoin.com As we reported, previous unlocks caused a short-term decline, but now it will result?
Token unlocking has become a popular way to slowly release locked coins over a period of time. The theory is that the process aligns incentives for all project investors and stakeholders. But the truth is that this process often causes short-term fluctuations and price drops. For example, 1inch lost half in value on December 1, 2021, when 231.7 million tokens were unlocked.
Several major projects will unlock massive amounts of tokens in April. These include derivatives exchange dYdX, NFT and metaverse coin ApeCoin, metaverse game Axie Infinity, ByBit DAO BitDAO and Ronin Network.
According to data from Token Unlocks, $7.2 million worth of tokens will be unlocked this week.
Token unlock dates and amounts
This week, 1inch, Galxe and Tornado Cash will unlock tokens. Next week will be the turn of Moonbeam, dYdX, Aptos and Euler, among other smaller projects.
dYdX (DYDX)
On April 11, decentralized derivatives exchange dYdX will unlock 6.5 million tokens worth approximately $15.8 million. This amount corresponds to about 0.65% of the total supply, so the price impact will be minimal.
dYdX locks are scheduled to be unlocked every month until July 2026. Also, from December 2023, the amount released for the team and investors will increase significantly.
Apecoin (APE)
On April 17, 15.6 million APEs, worth approximately $67 million at current prices, will be released. This amount corresponds to 1.56% of the total supply, so there may be a downward momentum in prices in the short term. In February, APE prices dropped 10% after the launch of 7.3 million APE coins.
In addition, ApeCoin tokenomics is heavily geared towards the team, treasury and Yuga Labs, the firm behind the BAYC collection.
Axie Infinity (AXS)
Also on April 17, Axie Infinity will launch 3.9 million AXS tokens. These are currently worth approximately $32 million and represent 1.45% of the total supply. This, in turn, is expected to have a negative impact on the short-term AXS market momentum.
aptos (APT)
The Aptos token unlock is scheduled to open on April 12, when 4.5 million APT tokens will flood the markets. This tranche is worth $51 million and represents 0.45% of the total supply. The altcoin project is largely controlled by venture capital, and about half of the token supply is reserved for teams, foundations and investors.
DeFi gaming platform ImmutableX will launch 18 million IMX tokens on April 22. These represent 0.9% of the total supply and are worth $18.7 million. If you are an investor of these tokens, you can closely monitor the dates for short-term price fluctuations during the unlocking periods.
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