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MAVIA, HFT, EUL and GAL tokens worth millions unlocked in a cliff event. Causing reversal of bullish trends.
✔️ Token holders should brace for volatility as unlocks are typically bearish catalysts.
Data according to TokenUnlocks shows that several projects are lining up to increase their circulating supplies , between May 5 and 9 gradual unlocking result in huge dumps.
✔️ The Galxe network unlocked 5.18 million GAL tokens on Sunday, May 5, worth $18.27 million and comprising 5.76% of the circulating supply.
Heroes of Mavia unlock 7.66 million MAVIA tokens worth $27.19 million on Monday, May 6. This will comprise 25.13% of the circulating supply and will be allocated to presale, gameplay rewards, to the community and the ecosystem at large.
On Tuesday, May 7, the Hashflow ecosystem unlock 13.62 million HFT tokens worth $4.07 million and comprising 3.46% of the circulating supply.
There will also be another cliff unlock on Thursday, May 9, on the Euler network, where 67.94K EUL tokens will be unlocked. The tokens, worth $365K will comprise only 0.36% of the circulating supply.
More closely, the 1inch Network will unlocked 15K 1INCH tokens on Saturday, May 4, worth $5,500.
Why token unlocks happen and their implications on project price
Token unlock events take place to establish a controlled and stable token distribution process. At the same time, it helps align incentives, while at the same time ensuring the project’s long-term success.
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