The Sandbox

Aptos

Optimism

Avalanche

The crypto market is poised for increased selling pressure across numerous tokens as unlocks worth nearly $1 billion are set to occur this month.
Projects such as Optimism (OP), <a href="https://cryptonews.com/coins/avax-avalanche/" rel="noopener noreferrer nofollow">Avalanche (AVAX)</a>, The Sandbox (SAND), Aptos (APT), and Sui (SUI) are expected to have the largest unlocks, adding to the trading volume and market dynamics.
When a new crypto project launches, its tokens are typically subject to a vesting period during which they remain locked.
However, once the tokens unlock, holders gain the ability to sell or transfer them, potentially impacting the market.
A lot of big token unlocks this month <a href="https://t.co/1zjiOOz0a4" rel="noopener noreferrer nofollow">pic.twitter.com/1zjiOOz0a4</a>
— Johnny (@CryptoGodJohn) <a href="https://twitter.com/CryptoGodJohn/status/1753066576834892167?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 1, 2024</a>
<h2 id="avalanche-set-for-largest-unlock">Avalanche Set for Largest Unlock</h2>
 The largest token unlock <a href="https://token.unlocks.app/" rel="noopener noreferrer nofollow">scheduled for February</a> 2024 is Avalanche’s AVAX.
On February 22, approximately 9.54 million AVAX tokens, valued at a staggering $344.17 million, will be released, accounting for 2.60% of the circulating supply.
Another significant unlock to watch out for is Aptos, with 24.84 million APT tokens worth $229.54 million set to unlock on February 11.
Previous unlocks of the same amount led to notable price corrections, with the token experiencing a downturn of 17.94% and 14.10% during previous unlocks in January and December 2023, respectively.
The Sandbox, which conducts two unlocks annually, has its first unlock of 2024 scheduled for February 14.
This release will introduce 205.59 million SAND tokens, equivalent to 9.19% of the circulating supply, worth $95.47 million based on current market prices.
<h2 id="optimism-and-sui-set-for-major-token-unlocks">Optimism and Sui Set for Major Token Unlocks</h2>
 Additionally, Optimism and Sui are set to contribute significant tokens to circulation.
On the last day of February, Optimism will unlock 24.16 million OP tokens, valued at $76.58 million, for core contributors and investors.
Sui, on the other hand, released 34.62 million tokens worth $54 million for its community access program on February 3.
Notably, the SUI token unlock has not adversely impacted its price.
According to data from CoinMarketCap, the cryptocurrency is currently trading at around $1.52, up by 2.84% over the past day. It is also up by more than 8% over the past week.
Likewise, dYdX (DYDX) unlocked 33 million coins, <a href="https://cryptonews.com/news/dydx-unlocks-over-33-million-tokens-pump-or-dump-bullish-metrics-found-in-algorand-algo-and-inqubeta-qube.htm" rel="noopener noreferrer nofollow">worth approximately $90 million</a>, on February 1.
The token also did not experience any major price swings after the unlocks.
While crypto traders and investors closely monitor unlock events, it’s important to note that they don’t always result in a price decline.
Various factors influence price actions and the market’s response to these unlocks may differ.
Nevertheless, the unlocking of substantial amounts of tokens can introduce increased volatility and trading opportunities in the crypto market.

February Frenzy: These 5 Cryptos Have Nearly $1 Billion Worth of Unlocks Due This Month

Table of Contents

Cryptonews.com

Other articles published on Feb 5, 2024

Solana’s New Crypto Phone Series Gains High Interest

Reunit Wallet Launches Reward Program: Trade To Earn

Machine learning algorithm sets Cardano (ADA) price on February 29, 2024

2024’s Crypto Champion? Kelexo (KLXO) Disrupts Tron (TRX) Holders’ Comfort Zone, Outpaces Dogecoi...

New to Crypto? Here’s Everything You Need to Get Started

Hacker’s $5,000 offer for Discord, Binance, and Coinbase user info

Join our free newsletter for daily crypto updates!