As we enter the new year, the crypto market is preparing for a massive influx of liquidity, with over $150 million in tokens scheduled to be released in the first week of 2024. Token Unlock, a major follower of unlocked tokens, has announced details of various crypto projects that will release their tokens between now and January 7, 2024. These include cryptocurrencies such as GAL coin and dYdX. Here are the details…
DYDX will unlock $111 million
Leading the way in this token unlock extravaganza is decentralized exchange powerhouse dYdX (DYDX). According to market data, the dYdX team is preparing to launch a staggering 33.3 million DYDX tokens on January 1, representing a market cap of $111.33 million at the time of writing. This major release accounts for 12.36% of dYdX’s circulating supply and is becoming a focal point for investors and enthusiasts alike.
Token Unlock has provided information regarding the distribution of unlocked DYDX tokens. Investors in the project received $61.74 million, while $34.00 million was allocated to founders, employees, advisors and consultants. Additionally, an amount of $15.59 million has been set aside for future hires who take a strategic approach to promoting and retaining talent in the dYdX ecosystem.
There is an unlock installed for GAL Coin and ACA
Besides dYdX, other noteworthy projects are also preparing to unlock their tokens in the first days of January. Galxe (GAL) is scheduled to issue three million GAL tokens on January 5, with a current market cap of $7.03 million. The distribution plan for GAL includes $4.68 million for marketing efforts, $975,000 for the project team, and $1.37 million for the community, demonstrating a diverse and deliberate allocation strategy. Acala (ACA) is another project on the unlock radar where $3.04 million worth of tokens will be released. Liquidity (LQTY) follows this project by unlocking $1.02 million in tokens, and Tornado Cash (TORN) adds $172,330 to the growing pool of unlocked assets.
Calendars should be marked for Optimism and SUI
While the first week of January promises major token unlocks, it’s worth noting that projects like Optimism (OP) and Sui (SUI) have unlock events planned just before the end of the year. Optimism plans to launch $96 million worth of OP tokens on December 30 and distribute them among core participants and investors. Simultaneously, Sui will announce its tokens on December 31st, adding to the crypto wealth that will permeate the market as the year draws to a close.
As a result, the beginning of 2024 will witness a flurry of token locks injecting significant value into the crypto space. As these projects come to fruition, the market expects the impact on prices, investor sentiment, and the broader dynamics of the ever-evolving cryptocurrency landscape.
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