02/24/2024 05:00:00 GMT| By Lockridge Okoth
Next week’s nearly $250 million worth token unlock events: YGG, AGIX, SUI, OP, PRIME, MANTA DYDX, ZETA
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.
Implication of token unlocks on 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.
