Un-lock events are important in the cryptocurrency market and are closely followed by investors. In March, two altcoin projects preferred by Turkish crypto money investors will unlock. The 1INCH and GAL token unlocks are scheduled for March 24 and 30, respectively. Two crypto tokens have made gains for their holders in the past two weeks, so token unlocking could be a news sell event, according to experts.
Details of 1INCH and GAL token unlock action
cryptocoin.comAs you follow, crypto players closely monitor token unlock events. Because if the demand of something that increases in the market does not increase at the same rate, it is a rule of economics that its price decreases.
According to the statements, 1inch Network (1INCH) and Galxe (GAL) are planning a token unlock event in the last week of March. Typically, token unlocks increase the circulating supply of an asset, negatively impacting the price. In the case of 1INCH and GAL, the two tokens gave their holders a profit last week. This increased the likelihood that unlocking could turn into a ‘selling news’ event. According to data from Token Unlocks, the 1INCH unlock is scheduled to be unlocked on March 24. In this transaction, a total of 53,572 1INCH tokens worth $27,440, or about 0.004% of the supply, will be released.
One week after the 1INCH token unlock, there is the GAL token unlock event where 192,307 tokens worth $346,154 will be unlocked. The GAL token lock on March 30 will release 0.096% of the circulating supply.
How does the token unlock affect altcoin prices?
1INCH token holders have gained 8.2% in the last two weeks. Also, the price of GAL registered a very high increase of 20.3%. The token launch event is likely to be a ‘sell of news’ for holders as the two altcoins have posted nearly double-digit gains since March 9. 1INCH and GAL holders can expect a price correction with the upcoming token unlock.
At press time, 1INCH was trading at $0.5169, up 2.31% on a daily basis. The token price retreated after climbing as high as $0.53 during the day. The GAL was trading at $1.83 at press time, up 5.18% on a daily basis. The intraday top of the GAL, on the other hand, tagged $1.87.
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