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Echelon Prime

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The post <a href="https://coinpedia.org/news/altcoin-market-poised-for-price-drop-as-250m-token-unlock-events-next-week-heres-the-list/" rel="noopener noreferrer nofollow">Altcoin Market Poised for Price Drop as $250M Token Unlock Events Next Week, Here’s The List</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
In a recent tweet, Token Unlock shed light on the upcoming token unlock events scheduled between February 27 and March 1 with nearly eight altcoins set to release $248.19 million worth of cryptocurrency tokens.&nbsp;
Meanwhile, these events involve notable projects such as Yield Guild Games (YGG), SingularityNET (AGIX), Sui, Optimism (OP), Prime, Manta Network, dYdX, and ZetaChain.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f513.png" alt="🔓" class="wp-smiley" style="height: 1em; max-height: 1em;"> Weekly Cliff Unlocks : 26 FEB – 3 MAR 24 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f513.png" alt="🔓" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> $ 315 MILLION <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f31f.png" alt="🌟" class="wp-smiley" style="height: 1em; max-height: 1em;"> Highlights: <a href="https://twitter.com/search?q=%24DYDX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DYDX</a>, <a href="https://twitter.com/search?q=%24OP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$OP</a>, <a href="https://twitter.com/search?q=%24SUI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SUI</a>, <a href="https://twitter.com/search?q=%24PRIME&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PRIME</a>, <a href="https://twitter.com/search?q=%24ZETA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ZETA</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f31f.png" alt="🌟" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/search?q=%24DYDX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DYDX</a> (11.09%) – $98m<a href="https://twitter.com/search?q=%24OP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$OP</a> (2.52%) – $88.42m<a href="https://twitter.com/search?q=%24SUI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SUI</a> (3.31%) – $65.26m<a href="https://twitter.com/search?q=%24PRIME&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$PRIME</a> (4.9%) – $20.56m<a href="https://twitter.com/search?q=%24ZETA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ZETA</a> (2.24%) – $13.18m ( % of cir. supply) More unlocks <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447-1f3fb.png" alt="👇🏻" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/c9shpYXaZr" rel="noopener noreferrer nofollow">pic.twitter.com/c9shpYXaZr</a>— Token Unlocks (@Token_Unlocks) <a href="https://twitter.com/Token_Unlocks/status/1761103665044304371?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 23, 2024</a>
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However, the scheduled unlocks range from 0.35% to 5.57% of their circulating supply, potentially influencing the market price of these altcoins.&nbsp;&nbsp;
<h2 class="wp-block-heading" id="h-timeline-for-token-unlock">Timeline For Token Unlock</h2>
Token unlocks are generally considered bearish events in the crypto market as they introduce increased selling pressure on altcoins. Next week’s schedule includes significant events:
Yield Guild Games (YGG): Unlocking 16.69 million YGG tokens worth $8.62 million on February 27, constituting 5.57% of the circulating supply.
SingularityNET (AGIX): Unlocking 8.97 million <a href="https://coinpedia.org/price-analysis/woldcoin-wld-singularity-agix-fight-for-supremacy-who-will-be-the-top-performer-for-the-day/" rel="noopener noreferrer nofollow">AGIX tokens</a> worth $6.25 million on February 28, representing 0.71% of the circulating supply.
Sui: Unlocking 4 million SUI tokens worth $6.96 million on February 29 (0.34% of the circulating supply).
Optimism (OP): Unlocking 24.16 million <a href="https://coinpedia.org/news/these-altcoins-to-watch-as-ethereums-dencun-update-approaches-say-crypto-analyst/" rel="noopener noreferrer nofollow">OP tokens</a> worth $88.42 million on February 29 (2.52% of the circulating supply).
Echelon Prime (PRIME): Releasing 1.66 million PRIME tokens worth $20.56 million on February 29, constituting 4.89% of the circulating supply.
Manta Network: Unlocking up to <a href="https://coinpedia.org/price-analysis/manta-network-initiates-a-fresh-upswing-heres-what-awaited-for-the-manta-price-in-the-coming-month/" rel="noopener noreferrer nofollow">1.87 million MANTA tokens</a> worth $6.20 million on March 1 (0.74% of the circulating supply).
dYdX: Pouring 33.33 million DYDX tokens worth $98 million on March 1 (1.09% of the circulating supply).
ZetaChain: Dumping 5.29 million ZETA tokens worth $13.18 million on March 1, adding 2.24% of the circulating supply to the market.
<h2 class="wp-block-heading" id="h-market-reaction-on-unlocks-token">Market Reaction on Unlocks Token</h2>
Token unlocks are typically seen as events that can have a bearish influence on cryptocurrency prices. The extent of this impact is more robust when cryptocurrencies unlock more than 3% of their circulating supply, often leading to price corrections.&nbsp;
However, traders must keep a close eye on these events as they can trigger significant price volatility. Traders who are proactive and well-prepared may find opportunities to make profitable trades.

Altcoin Market Poised for Price Drop as $250M Token Unlock Events Next Week, Here’s The List

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