According to TokenUnlocks, the crypto market is preparing for another major wave of token unlocks, with $870 million worth of tokens set to enter circulation in February. These include SUI, APT, SAND, APE, MANTA, AVAX coin and OP, which are among the most anticipated projects in the crypto space. Here are the details…
Unlock process is coming for those cryptos
Token unlocking, also known as the vesting period, is a certain period of time during which tokens cannot be bought, sold or converted into cash. The length of this period depends on the team’s strategy and in some cases can last several years. Unlocking tokens generally increases selling pressure on assets because more tokens become available for trading. SUI is the native token of Sui, a decentralized layer 1 blockchain that uses a specific type of proof-of-stake consensus called delegated proof-of-stake. Sui will unlock 34.62 million SUI tokens, worth approximately $49.5 million, allocated to the Community Access Program on February 3. The SUI price is currently $1.48 and is up 66% in the past month.
APT is the token of Aptos, a layer-1 blockchain developed by former Meta administrators. Aptos aims to provide a scalable, interoperable and user-friendly platform for Web3 applications. Aptos will release 24.8 million APT tokens on February 12, worth approximately $224.6 million. The unlock will distribute tokens to the Foundation, community, key contributors and investors. APT price is currently $9.06 and is down 12% in the past month. SAND is the token of The Sandbox, the metaverse where users can create, own and monetize gaming experiences. The Sandbox will unlock 92.87 million SAND tokens, worth approximately $41.9 million, on February 17. SAND price is currently $0.434 and is down 28% in the past month.
AVAX coin, MANTA and more…
APE is the token of ApeCoin, an ERC-20 governance and utility token used within the APE ecosystem to power a decentralized community building at the forefront of web3. ApeCoin will unlock 15.6 million APE tokens worth approximately $22.3 million on February 17. APE price is currently $1.42 and is down 17% in the past month. MANTA is the token of Manta Network, a privacy-preserving protocol for decentralized exchanges. Manta Network will unlock 12.5 million MANTA tokens, worth approximately $25 million, on February 18. MANTA price is currently $3.
AVAX is the token of Avalanche, a fast, scalable and interoperable platform for decentralized applications. Avalanche will unlock 9.54 million AVAX tokens, worth approximately $110 million, on February 24. AVAX price is currently $33.3 and is down 22% in the past month. Additionally, Optimism will unlock 24.16 million OP tokens on February 30, worth approximately $87.8 million. The OP price is currently $2.91 and is down 26% in the past month. Other popular tokens that unlocked over a million dollars in February include GAL, ID, YGG, and AGIX. As more tokens enter the market, these tokens are expected to face increased volatility and downward pressure.
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