The cryptocurrency market will witness intense altcoin lock openings this week. 19 altcoins will be launched, unlocking tokens worth millions of dollars in total. This can have a significant impact on both prices and liquidity.
Which altcoin projects will be affected and how much?
Many key openings stand out in this week’s altcoin calendar. Some of the most important are:
- Pyth Network (PYTH): The largest unlock will take place on PYTH with tokens worth $809.09 million. This amounts to 141.65% of the market cap and could put huge pressure on the price.
- GateToken (GT): Tokens worth $52.28 million will be unlocked in GT. This corresponds to 7.15% of the market value and can lead to significant price fluctuation.
- Mintlayer (ML): $5.89 million worth of tokens will be unlocked in ML. This corresponds to 26.19% of the market value and can lead to significant price fluctuation.
- Forgotten Playland (FP): $3.84 million worth of tokens will be unlocked in FP. This amounts to 45.08% of the market value and could cause a significant drop in price.
- Avalanche (AVAX): 9.54 million units of AVAX ($347 million worth) will be unlocked on May 22. This amounts to 2.49% of the circulating supply.
- Space ID (ID): 18.4 million IDs (worth $13.7 million) will be unlocked on May 22. This amounts to 4.29% of the circulating supply.
- Algorand (ALGO): 33.34 million units of ALGO ($6 million worth) will be unlocked on May 22. This amounts to 0.33% of the circulating supply.
- Bonfida (FIDA): 18.2 million units of FIDA ($5 million worth) will be unlocked on May 23. This amounts to 1.82% of the circulating supply.
- Coin98 (C98): 19.4 million units of C98 ($6 million worth) will be unlocked on May 25. This amounts to 1.94% of the circulating supply.
- Polkadot (DOT): 401k DOT ($2.89 million worth) will be unlocked on May 26. This amounts to 0.08% of the circulating supply.
- Dogechain (DC): 1.75 million units of DC ($1.75 million worth) will be unlocked on May 26. This amounts to 11.36% of the circulating supply.
- Nexo (NEXO): 16.5 million units of NEXO (worth $11.7 million) will be unlocked on May 20. This amounts to 1.93% of the circulating supply.
- Livepeer (LPT): 1.5 million units of LPT (worth $1.3 million) will be unlocked on May 20. This amounts to 1.83% of the circulating supply.
- Fetch.ai (FET): 125 million FETs (worth $1.5 million) will be unlocked on May 21. This amounts to 1.05% of the circulating supply.
- dYdX (DYDX): 11.3 million units of DYDX (worth $4.5 million) will be unlocked on May 21. This amounts to 1.06% of the circulating supply.
- Covalent (CQT): 1.83 million units of CQT (worth $1.3 million) will be unlocked on May 22. This amounts to 1.42% of the circulating supply.
- Ribbon Finance (RBN): 17.39 million units of RBN ($6.9 million worth) will be unlocked on May 24. This amounts to 3.99% of the circulating supply.
- Mask Network (MASK): 2.07 million MASKs (worth $1.3 million) will be unlocked on May 24. This amounts to 0.67% of the circulating supply.
- H2O Dao (H2O): 1.72 million units of H2O (worth $1.8 million) will be unlocked on May 25. This amounts to 1.04% of the circulating supply.
What are the effects of unlocking?
Token unlocks may cause price fluctuations by affecting supply and demand. Particularly large lock openings can lead to significant drops in prices. Lock openings can increase liquidity as new tokens enter the market. This can make trading easier for investors. Lock openings can increase volatility by creating uncertainty in the market. It is important for investors to be careful about this situation and pay attention to risk management.
It is important for investors investing in altcoins that will be affected by lock openings to follow these events and make the necessary analysis. Investors should be careful about price fluctuations and increased volatility and should pay attention to risk management. It is also important to note that lock openings may not affect the long-term value of the token.
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