One of the direct developments in altcoin prices is the ‘token unlock’ dates, when locked tokens are released. In this article, you can find altcoin projects and dates set to unlock in May.
May token unlock dates: 20 altcoins set
According to Token Unlocks data, LQTY and GAL will be the first altcoin projects to unlock today. Following this, APT and DYDX are unlocked for $16 and $45 million, respectively, during the month. A total of 20 altcoin projects will release their tokens this month. The biggest unlock happens on BIT pools on May 15 with $90.8 million. Other important dates and amounts to note:
- LQTY: May 05 will unlock $1.1 million.
- GAL: May 5 will unlock $13.1 million.
- DYDX: May 9 will unlock $16.7 million.
- APT: May 12 will unlock $45.3 million.
- BIT: May 15 will unlock $90.8M.
- APE: May 17 will unlock $60.4 million.
- IMX: May 20 will unlock $16.8 million.
- RON: May 27 will unlock $14.7 million.
- AVAX: May 28 will unlock $163.5 million.
- OP: May 31 will unlock $330.9 million.
The amount and time of large token unlocking in May. https://t.co/tuQYnSlfTZ pic.twitter.com/EphEz20fpS
— Wu Blockchain (@WuBlockchain) May 4, 2023
Here is the list of 20 altcoins preparing to be token unlocked this month:
Roinin (RON), 1inch (1INCH), Optimisim (OP), Moonbeam (GLMR), Acala (ACA), Liquity (LQTY), GMX (GMX), Aptos (APT), BitDAO (BIT), Nym (NYM), Galxe (GAL), Sweat Economy (SWEAT), ApeCoin (APE), Yield Guild Games (YGG), Oasis Network (ROSE), ImmutableX (IMX), dYDx (DYDX), Avalanche (AVAX) and Tornado Cash (TORN).
How does token unlocking affect the price?
Token unlocks are historically considered bearish events as they represent an increase in circulating supply. Newly released tokens enter the circulating supply and cause selling pressure. Thus, it lowers the current price. Following the general principle of supply and demand, higher supply reduces demand, reflecting lower prices.
Because the markets are speculative, the price usually moves up before the token is unlocked. Unlock Calendar, which closely monitors unlock events, says teams use these dates. At the point that the analyst draws attention, the prices that swelled before the token unlock dates:
As we experience positive market momentum, teams with upcoming unlocks will release good news that they withheld for months when market was dead
Goal would be riding positive market moves to pump the price just before unlocks
Keep an eye on coins like $DYDX (Unlock on 3rd Feb) pic.twitter.com/5ETtoTeDro
— Unlocks Calendar (@UnlocksCalendar) January 14, 2023
At this point, let’s mention that a similar situation occurred at the price of Aptos. cryptocoin.com As you follow, APT, which unlocked a value of $ 50 million in April, rose 8% in terms of price before. Meanwhile, around 84% of all APT tokens are still locked.
Over $790 million worth of altcoins scheduled to be unlocked in May
According to Token Unlocks data, there are 20 token unlocks scheduled for May. Thus, a total of more than $794 million worth of altcoins will enter circulation. First, Liquity (LQTY) and Galxe (GAL) unlock over $1.1M and $13.2M respectively today. Later, on May 7, Tornado Cash (TORN) will unlock 1.75% of its total supply. That equates to 175,000 tokens currently worth over $1 million.
