- Eight altcoins will unlock $248.19 million worth of cryptocurrency tokens next week.
- Large value unlocks have the potential to influence altcoin prices, token prices could crumble under selling pressure.
- Yield Guild Games, SingularityNET, Sui, Optimism, Echelon Prime, Manta Network, dYdX and ZetaChain are lining up to increase their circulating supply.
Data according to TokenUnlocks shows that several projects are lining up to increase their circulating supplies next week, between February 27 and March 1. Yield Guild Games, SingularityNET, Sui, Optimism, Prime, Manta Network, dYdX and ZetaChain have scheduled to offload between 0.35% and 5.57% of their circulating supply into the markets in a cliff unlocks event.
Also Read: February’s $870 million crypto token unlocks: SUI, APT, SAND, APE, MANTA, AVAX, OP
Cryptocurrency token unlocks are typically considered bearish events for asset prices. Unlocked tokens enter circulation, increasing selling pressure on the asset across cryptocurrency exchange platforms.
Next week, the Yield Guild Games ecosystem will kick of the chain of unlock events on the calendar with 16.69 million YGG tokens worth $8.62 million due to flood markets on February 27. This will comprise 5.57% of the project’s circulating supply.
AI crypto project SingularityNET also has an unlocks event on the calendar, with 8.97 million AGIX tokens worth $6.25 million expected to flood markets on February 28. This will constitute 0.71% of the project’s circulating supply.
The Sui network will also be unlocking 4 million SUI tokens worth $6.96 million on February 29 0.34%, the same day as when the Layer 2 (L2) project Optimism will be unlocking 24.16 million OP tokens worth $88.42 million to the market. For Optimism, the unlocks will make up for 2.52% of the token’s supply that is already in the market.
On the same day, the Echelon Prime network will be releasing 1.66 million PRIME tokens worth $20.56 million constituting 4.89% of the network’s circulating supply.
Kicking off the March unlocks will be the Manta Network with up to 1.87 million MANTA tokens worth $6.20 million and comprising 0.74% of its circulating supply flooding markets. Other token unlocks on the same day include dYdX, which will pour 33.33 million DYDX tokens (1.09% of circulating supply) worth $98 million to the market.
The ZetaChain ecosystem will also dump 5.29 million ZETA tokens worth $13.18 million on the same day, adding 2.24% of the circulating supply to the market.
While token unlocks are generally considered bearish catalysts, those cryptocurrencies that unlock over 3% of their circulating supply are often the ones that suffer a correction in their price.
Traders should keep an eye out for these events because of their nature to cause price volatility. Proactive traders know how to make a profit by trading around these events. The other lot is likely to be rekt as part of exit liquidity.
This article was corrected at 15:50 GMT to say Kicking off the March unlocks will be the Manta Network with up to 1.87 million MANTA tokens worth $6.20 million and comprising 0.74% of its circulating supply flooding markets, not $6.20.
