Token unlock events are closely followed by investors as they can cause significant fluctuations in the prices of the relevant altcoins. For example, AXL lost 11% of its value after the unlock event on November 27. Therefore, it would be beneficial for investors to act more cautiously by monitoring unlocking events. These 6 altcoins will hold their biggest token unlock events in the next 7 days.
The biggest token unlock events taking place in the next 7 days
cryptokoin.comAs you can see from , token unlock events have the potential to impact altcoin prices. That’s why investors follow these events closely. According to Top 7 ICO, a crypto analysis platform, some of the largest crypto token unlock events expected to occur in the next seven days include DYDX, IMX, OP, SUI, 1INCH, and HBAR. The analytics platform states that cryptocurrency investors can “make more cautious and ultimately better trading decisions” by monitoring earned tokens and future unlock events.
These 6 altcoins will pour a huge amount of tokens into the market!
Here are the details of the token unlock programs mentioned by the Top 7 ICOs.
dYdX (DYDX)
DYDX token is the L1 protocol token for the dYdX Blockchain. Holders can use their tokens to run a Validator or deposit their tokens into a Validator to participate in securing and managing the dYdX Chain network. According to the Top 7 ICO’s post, dYdX will unlock 15% of its total supply on December 1. The estimated value of these tokens is equivalent to $482.5 million.
Immutable (IMX)
The Top 7 ICO says the altcoin project will release 1.87% of its total supply on December 1. The value of the tokens corresponds to an estimated $50.3 million. IMX is the native token of Immutable, the first L2 scaling solution for NFTs on Ethereum.
Optimism (OP)
According to Top 7 ICO, Optimism’s next token unlock event will take place on November 30. Optimism will inject OP equivalent to $41.5 million into the crypto market, corresponding to 0.56% of its total supply. Optimism is an L2 Blockchain on top of Ethereum that helps scale the ecosystem using Optimistic Rollups.
Sui Network (SUI)
Its developers designed Sui as a Blockchain solution to make digital asset ownership fast, private, secure and accessible to everyone. According to the Top 7 ICO, the altcoin project will unlock tokens worth $40.9 million on December 3. The amount to enter the market corresponds to 0.69% of the total supply.
1inch Network (1INCH)
According to the Top 7 ICO’s post, 1inch Network will unlock 6.58% of the total token supply, equivalent to $33.7 million, on December 1. This will significantly increase the circulating supply of Blockchain’s native token, which is designed to unify decentralized protocols.
Hedera (HBAR)
According to the Top 7 ICO, the altcoin project will launch new HBAR tokens worth $11.1 million on December 1, which is 0.36% of its total supply in the crypto market. The blockchain solution is considered the enterprise-grade public network for the decentralized economy, allowing individuals and businesses to build powerful decentralized applications (DApps).
Axle (AXL)
Axelar is a Blockchain solution that provides secure cross-chain communication for Web3. The altcoin was token unlocked yesterday, November 27. The project injected 2.31% of its total supply, or $18.7 million, into the crypto market. AXL subsequently lost 11% of its value, according to TradingView data. Thus, the token price decreased from $ 0.7853 to $ 0.6861.
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