Watch out for those 20 Altcoins: Millions of them will enter the market!

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The cryptocurrency market has entered a recovery trend after the sharp declines in recent weeks. Bitcoin, Ethereum and other leading altcoins gained value last week. Next week, another important development will occur in the cryptocurrency market. A large amount of tokens will be unlocked in many altcoin projects. Here are the details…

What is a lock opening?

Unlocking means that cryptocurrencies that were previously locked for a certain period of time become free after the locking period ends. Moreover, unlock events often have the potential to reduce the price of a project by increasing its supply.

Altcoin lock openings that will take place next week

In the list below, we share the altcoins that will be unlocked during this week. However, the coins that altcoins will unlock are written in US dollar equivalents:

January 29, 2023

  • WOO Network (WOO): $5.59 million
  • Atlas Navi (NAVI): $1.01 million
  • Sei (SEI): $1.51 million
  • Mina Protocol (MINA): $1.23 million
  • Celo (CELO): $1.14 million

January 30, 2023

  • SafePal (SFP): $5.74 million
  • Illuvium (ILV): $2.91 million
  • API3 (API3): $3.23 million
  • Echelon Prime (PRIME): $6.64 million
  • Gamium (GMM): $1.36 million

31 January 2023

  • Optimism (OP): $74.24 million
  • Nym (NYM): $1.59 million
  • SCALE (SKL): $1.54 million
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February 1, 2023

  • Vulcan Forged (PYR): $1.14 million
  • Solend (SLND): $4.82 million
  • Hooked Protocol (HOOK): $7.37 million
  • dYdX (DYDX): $108.04 million
  • Amino (AMO): $2.95 million
  • Orbs (ORBR): 38.34 million ORBR

February 2, 2023

February 4, 2023

  • Mines of Dalarnia (DAR): $2.53 million
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What is the impact of key expansions on the market?

The impact of unlocks on the market may vary depending on the amount of tokens to be unlocked and the popularity of the project. In general, it is thought that key expansions will have a negative impact on the price. This is because the lock opening causes the supply to increase and therefore the price to decrease. However, in some cases, key expansions can also have a positive impact on the price. For example, if the project makes a significant development after the unlocking or if a positive atmosphere prevails in the market in general, it is also possible for the price to increase. We will see what impact this week’s key developments will have on the market in the coming days.

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