This week, 6 altcoins, including popular projects dYdX and Apecoin, are preparing to launch tokens with a total value exceeding $420 million. Here are the week’s token unlock dates and expectations.
Unlock dates for the week of February 13-19
The weekly unlock report by Token Unlocks confirmed that $420 million worth of tokens will flow into the market this week. Notably, Sandbox (SAND) has unlocked $260 million of tokens, freeing 12.4% of its total supply. Before we get into the details, here are the altcoin projects that will unlock massive amounts of tokens this week:
- The Sandbox (SAND): 12.4% – $260 million
- BitDAO (BIT): 1.9% – $107 million
- Apecoin (APE): 0.7% – $28 million
- dYdX (DYDX): 0.6% – $16 million
- Euler (EUL): 0.3% – $0.7 million
- Galxe (GAL): 0.1%-$0.4 million
✨This week's notable unlock✨
🚨 More than $420 Million unlocks !! 🚨
🔎 the major unlock to monitor is $SAND 🔎$SAND 12.4% – $260M (🌟)$BIT 1.9% – $107M $APE 0.7% – $38M $DyDx 0.6% – $16M $EUL 0.3% – $0.7M$GAL 0.1% – $0.4M
Source: https://t.co/8XoTR8tBPT pic.twitter.com/ogbieAuu0F
— Token Unlocks (@Token_Unlocks) February 13, 2023
DYDX about $16 million will be released, what will the price be?
The decentralized exchange dYdX unlocks 6.5 million DYDX tokens on February 14. The planned token release is equal to 0.65% of the total supply, so the impact may be low. At current prices, the value of the dYdX token lock is approximately $15.9 million.
Also, only 20.4% of the total supply of 1 billion DYDX tokens has been unlocked. This gives it a market cap of approximately $361 million. The remaining 80% of the tokens will be unlocked in frequent small increments over the next three years. Meanwhile, the dYdX price is rising with the overall recovery in the market.
DYDX unlocks will occur every month until July 2026. From December 2023, the amount released increases significantly for the team and investors. The dYdX team announced this change in their previous unlock schedule in late January.
Project management is also running a vote to reduce trade rewards by 45% from 2.9 million to 1.6 million tokens per period.
🗳️ New Snapshot has been created by @cvant_ !
Should $DYDX trading rewards be reduced by 45% from 2.9M $DYDX to 1.6M $DYDX per epoch?https://t.co/X8LfNNNeU4
🗳️Voting starts on 14th Feb (Tuesday) at 22:34 UTC
🧵👇🏻
— dYdX Foundation 🦔 (@dydxfoundation) February 14, 2023
Sandbox launches 250 million worth of altcoins
It also unlocked a significant amount of tokens in Sandbox today, this time releasing more tokens than before. About $250 million worth of SAND has entered circulation and prices have dropped beforehand. Still, the overall recovery is convincing investors to buy at the bottom. SAND is trading at 4% green over the last 24 hours at the time of writing. It quickly recovered from the lows of the day.
cryptocoin.com In this article, we have included the projects that will unlock a large amount of tokens this year. Token unlock events often lead to bearish expectations, but this is not always the case as seen from the price action of the day.
