After what has been a hectic week in the crypto market, we are set to enter another week of significant token-unlocking events featuring different altcoins.
Let’s discover which tokens have these unlocks. But first, let’s define what is it.
What are Token Unlocks?
Token unlocks simply refer to the release of a specified amount of assets that have been restricted or locked from circulating on the market. Most project developers hold the locked tokens or early investors. In addition, these events can affect market liquidity.
Major token unlocks between Aug 28 and September 2
• Radworks (RAD)- $2.07 million (3.07% of market value)
28 Aug• Open Campus (EDU) – $8.36 million (11.31% of market cap)
28 Aug• WOO Network (WOO)- $2.73 million (0.93% of market cap)
29 Aug• dYdX (DYDX) – $13.41…
— 🐍Salazar.eth 🦇🔊 (@0xSalazar) August 28, 2023
Research shows that the release of previously locked tokens into the market can boost a cryptocurrency’s liquidity. So, this can result in higher trading volumes, which may have an impact on price volatility and the market’s dynamics. Large-scale token unlocks can result in short-term price volatility, as per historical trends. However, the precise effects on tokens may differ based on the tokenomics of the project.
There are several reasons for token lockups. The first is to ensure that an asset’s price remains stable and prevent heavy sell-offs. Lockups also help ensure that the early investors and the team stay dedicated to the project.
Investors and enthusiasts are preparing for a significant wave of token unlocks this week, as more than $100 million worth of tokens from different projects are expected to be released. Furthermore, the focus is on the possible effects of this release supply on well-known tokens like DYDX, OP, NYM, HBAR, and WOO.
1) DyDX
Market cap: $373,502,540
Token unlock date: August 29th.
Amount: $13.41 million (4.12% of the market cap)
Total supply:1,000,000,000
Get ready for the ultimate $DYDX unlocks!
⏰ In just a few hours, the upcoming unlocks will be released. But mark your calendars for the real game-changers coming in December!
🔥 Prepare yourself and save the date.
Explore more unlocks and their impact.https://t.co/CsBFMvHsb5 pic.twitter.com/hFJfsOwnqX
— Token Unlocks (@Token_Unlocks) August 29, 2023
With DYDX priced at $2.15, which is an 11% increase in the past 7 days. The token unlock could showcase market sentiment towards DeFi projects, especially DEXes. The unlocking could either be an opportunity or a threat for DyDX based on its milestones.
We are thrilled to announce that the dYdX Chain public testnet is set to launch on 7/05/2023 at 17:00 UTC! 🚀🥳https://t.co/TD5caN6VSQ
— dYdX (@dYdX) June 28, 2023
2) OP (Optimism)
Market cap: $1,026,686,886
Token unlock date: August 31st.
amount: $35.44 million (3.37% of market value)
Total supply: 4,294,967,296
📊 Top 7 Token Unlocks in Upcoming Week
The following tokens with the largest unlock amount will be unlocked next week:
– HBAR ($64.3M)
– SUI ($41.3M)
– DYDX ($15M)
– ORBR ($11M)
– EDU ($8.9M)
– BICO ($6.13M)
– BMEX ($3.28M) pic.twitter.com/ABrfQGuDaq— NOBLECOINS🔶 (@NobleCoins) August 29, 2023
The OP price is on a downward trend ahead of its token unlock. Optimism unlocked and allocated 24.16 million tokens, or 3.37% of the circulating supply, to the project’s main contributors and investors on July 30. Interestingly, the token’s price did not fall in the first week after the unlock, but it dropped in the second, causing holders to lose over 5% of their investment.
3) HBAR (Hedera)
Market cap: $1,774,365,822.
Token unlock date: September 1st.
amount: $65.42 million (3.43% of market value)
Total supply:50,000,000,000
The HBAR price is in a negative trend ahead of the September 1st unlock. And the unlock could lead to further price collapses due to increased selling pressure.
$SUI and $HBAR are falling – underperforming $ETH – as another round of token unlocks are scheduled for this week.@thesamreynolds reportshttps://t.co/QIdTaEU8Ne
— CoinDesk (@CoinDesk) August 28, 2023
4) WOO (Woo Network)
Market cap: $279,265,532
Token unlock date: $2.73 million (0.93% of market cap)
Amount: August 29th.
Total supply:2,250,658,820
🚨 Token unlocks of the week:
$140M worth of tokens will be unlocked this week – including:
🔸 $HBAR – $65M
🔸 $OP – $35M
🔸 $DYDX – $14M— Satoshi Club (@esatoshiclub) August 28, 2023
The WOO price is currently underperforming in the market and is down -7.96%. The token unlock could possibly push the price downward.
5) EDU (Open Campus)
Market cap: $74,752,832
Token unlock date: August 28th.
amount: $8.36 million (11.31% of market cap)
Total supply:1,000,000,000
EDU has declined by 8.59% over the last seven days. The EDU community is bearish, as more than 75% of users have negative emotions about Open Campus.
Upcoming token unlocks. some of them with big unlocks. watch out $EDU $DYDX $OP $NYM $HBAR 👀
events like these bring volume to the asset. #CryptoNews pic.twitter.com/3bDJU9385P— x฿LAZEx (@Rektoshi21M) August 27, 2023
Here’s a list of other token-unlocking events.
6) RAD (Radworks)
Market cap: $65,081,033
Token unlock date: August 28th.
amount: $2.07 million (3.07% of market value)
Total supply: 99,998,580
RAD has seen a 0.33% price increase in the past 7 days. So, it remains to be seen how the unlock will affect the RAD price.
7) ILV (Illuvium)
Market cap: $242,131,131
Token unlock date: August 30th.
Amount: $1.64 million (1.10% of the market cap)
Total supply:9,619,241
ILV has been on a downward trend ahead of the token unlock. There’s a possibility that the price could slump further afterward. However, Illuvium community members are mostly bullish on the project as of now.
Here's $ILV Token Supply Schedule for next 3 years.
I made this spreadsheet to make your calculations easier. Lmao
100X 1000X 10000Xhttps://t.co/OK4AsVtswd https://t.co/etuIT8KP1L pic.twitter.com/cPaDZz0pHq
— Crypto Gamaverse (@CryptoGamavers) January 7, 2023
8) NYM
Market cap: $69,749,772
Token unlock date: August 31st.
amount: $4.16 million (5.68% of the market cap)
Total supply:1,000,000,000
9) MC (Merit Circle)
Market cap: $132,542,416
Token unlock date: September 1st.
amount: $4.44 million (3.39% of market cap)
Total supply:632,384,087
6/ Euler will unlock 156.73K $EUL tokens (0.84% if circulating supply) worth $337.7K on 31 Aug.
7/ Merit Circle will unlock 14.41M $MC tokens worth $4.34M on 1 Sep.
8/ Orbler will unlock 14.41M $ORBR tokens worth $4.34 M on 2 Sep.
— Crypto Today (@CryptoToday24X7) August 28, 2023
10) SWISE (StakeSwise)
Market cap: $20,060,855
Token unlock date: September 1st.
amount: $1.14 million (5.67% of market cap)
Total supply: 1,000,000,000
11) SLND (Solend)
Market cap: $20,324,506
Token unlock date: September 1st.
amount: $1.24 million (6.26% of market cap)
Total supply: 100,000,000
Upcoming #Altcoin Token Unlocking Events: Week of August 28 – September 2, 2023
Solend (#SLND)
§ Market Capitalization: $19.74 million
§ Token Unlock Amount: $1.24 million (6.26% of market cap)
§ Date: September 1, 2023, 00:00https://t.co/jcJ9NbuS4s— Crypto Elwis (@CryptoElwis) August 28, 2023
12) HOOK (Hooked Protocol)
Market cap: $38,348,092
Token unlock date: September 2nd.
amount: $3.06 million (8.33% of market value)
Total supply: 500,000,000
13) ORBR (Orbs)
Market cap: $67,798,477
Token unlock date: September 2nd.
amount: $11.29 million
Total supply:10,000,000,000
14) BLD (Agoric)
Market cap: $68,267,588.
Token unlock date: September 2nd.
Amount: $4.59 million.
Total supply: 1,047,639,711
Upcoming #token unlocks
Save this to remember. 💡⌚ pic.twitter.com/MqryGsDmjD
— Crypto Dude 🌐₿ (@Crypto_L_Dude) August 28, 2023
15) BICO (Biconomy)
Market cap: $131,307,052
Token unlock date: September 2nd.
Amount: 1.55 million (1.15% of the market cap)
Total supply: 1,000,000,000
In conclusion, these token unlocks will certainly cause waves in the market. However, it is important to remember that short-term volatility is normal in the crypto market. So, if you’re interested in any project, focus on its fundamentals rather than short-term price changes.
⬆️ For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️ Our popular Altcoin Buzz Access group generates tons of alpha for our subscribers. And for a limited time, it’s Free. Click the link and join the conversation today.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
Copyright Altcoin Buzz Pte Ltd.
