As the cryptocurrency market continues to attract interest and attract more investors, the topic of altcoin unlock events is becoming a concern for many traders and enthusiasts. This week, several altcoins will release a significant portion of the total token supply, potentially impacting their respective markets. Let’s take a closer look at the token unlock list for the next week and discuss its potential implications.
There is an unlock alert for these altcoin projects
Ribbon Finance (RBN) kicks off the week with the scheduled token unlock on July 24, 2023, at 03:00. The unlock amount is $4.32 million, accounting for 2.87 percent of the token’s current market cap of $151.68 million. As the first unlock event of the week, it can set the tone for how the market will react to subsequent unlocks. Later that same day, Mask Network (MASK) will unlock $2.38 million worth of tokens, representing 0.78% of its market cap of $306.03 million. This relatively low rate may not have a significant immediate impact, but it’s worth taking a look at how the market is behaving.
A set of tokens will be unlocked the next day, July 25, 2023. H2O Dao (H2O) will unlock $3.87 million worth of tokens, accounting for 14.77% of the currently $26.24 million market cap. Pintu Token (PTU) will also launch $1.50 million worth of tokens, representing 23.41% of the current market cap of $6.41 million. Specifically, BreederDAO (BREED) unlocks a staggering $1.41 million, which is 98.63% of its $1.43 million market cap. Such a significant unlock percentage can lead to increased market volatility.
GT, DC and more to unlock
Later, on July 26, 2023, two more locks will be opened. GateToken (GT) will launch $28.10 million worth of tokens, equivalent to 4.80% of the $585.96 million market cap. Meanwhile, Dogechain (DC) will unlock $2.29 million, which is 16.79% of its market cap currently set at $13.65 million. These two unlocks could potentially have a significant impact on their respective markets given their higher percentages.
As the week progresses, July 27, 2023 brings three more unlock events. Ronin (RON) will unlock $15.31 million worth of tokens, corresponding to 9.42% of the market cap currently set at $162.78 million. Flow (FLOW) will launch $8.22 million worth of tokens, representing 1.27% of the $644.93 million market cap. Axelar (AXL) will unlock $9.98 million, or 9.68% of its current $103.17 million market cap. These locks, especially the Ronin’s, require close attention due to their high percentage.
Millions will enter the market
At 3:00 pm on July 27, 2023, APEX (APEX) will unlock $2.00 million worth of tokens, accounting for 26.27% of the $7.62 million market cap. This event could potentially have a significant impact on the market dynamics of APEX. On the same day, Yield Guild Games (YGG) will unlock $1.40 million worth of tokens, which is 5.02% of the $27.88 million market cap. While this rate isn’t as high as some other unlocks, it’s still important enough to watch closely.
As we approach the end of the week, two more locks will be opened on July 28, 2023. Radworks (RAD) will unlock $2.43 million worth of tokens, accounting for 3.15% of the market cap currently set at $77.19 million. GensoKishi Metaverse (MV) will launch $1.14 million worth of tokens, representing 24.57% of the $4.67 million market cap. For GensoKishi Metaverse, this unlock rate is quite high, raising questions about potential market implications. On the same day, Open Campus (EDU) will unlock $12.88 million worth of tokens, accounting for 14.62% of the current $88.25 million market cap. Investors should watch closely how the market reacts to such an important unlock event.
Altcoin unlocks end this week with five projects
The week ends with two token unlocks on July 29 and July 30, 2023. WOO Network (WOO) will unlock $3.40 million, which is 0.93% of its market cap currently set at $364.46 million. Illuvium (ILV) will unlock $1.61 million, representing 0.69% of its $232.68 million market cap. SafePal (SFP) will unlock $3.63 million, 2.25% of its market cap of $160.79 million. API3 (API3) will release $1.17 million, which is 1.29% of the market cap currently set at $90.57 million. Gamium (GMM) will unlock $1.54 million, 6.28% of its current market cap of $24.47 million.
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