Token unlocks, which are a common event, can influence market dynamics and price action. As outlined in a tweet by analyst Coin Post, the top 7 token unlocks for the upcoming week are set to release a substantial amount of tokens into circulation. This could potentially affect the prices and trading volumes of the respective cryptocurrencies.
The tokens set to experience notable unlocks this week
- dYdX ($DYDX) – $67.77M
- 1inch Network ($1INCH) – $30.78M
- Portal ($PORTAL) – $26.59M
- Axelar ($AXL) – $24.28M
- SKALE ($SKL) – $17.30M
- Biconomy ($BICO) – $16.47M
- Orbler ($ORBR) – $14.73M
dYdX, a perpetual exchange built on the Ethereum blockchain, leads the pack with an upcoming unlock of $67.77 million worth of tokens. This release of tokens could potentially impact the platform’s native token, DYDX, in terms of price and trading activity.
Following closely behind is 1inch Network, an exchange aggregator, with an unlock of $30.78 million. The release of these tokens may influence the price and liquidity of the platform’s native token, 1INCH.
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Show more +Other notable unlocks include Portal ($26.59 million), a cross-chain DEX built on Bitcoin; Axelar ($24.28 million), an interoperability network; SKALE ($17.30 million), an elastic blockchain network; Biconomy ($16.47 million), a multichain relayer infrastructure network; and Orbler ($14.73 million), a cross-chain bridge and liquidity network.
Token unlocks can have both positive and negative effects on the market. On one hand, the release of tokens can increase the circulating supply, potentially leading to increased liquidity and trading volume. This can be particularly beneficial for projects with strong fundamentals and growing adoption.
On the other hand, token unlocks can also create selling pressure, as early investors and project team members may choose to liquidate their newly unlocked tokens. This increased supply can lead to a temporary price decrease, especially if the market sentiment is not strong enough to absorb the additional tokens.
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