NewsletterCrypto Market on Edge as Major Token Unlock Events Loom
In a significant week for the cryptocurrency market, investors are eyeing a series of token unlock events poised to release a substantial value of assets into circulation. ImmutableX (IMX), 1INCH, and dYdX (DYDX) lead the charge with unlocks totaling $105 million, a move likely to impact the market dynamics.
Unlock Events Set to Influence Market Trends
The cryptocurrency community is closely monitoring the upcoming unlock events. ImmutableX, a Layer 2 scaling solution, is set to release 37.49 million IMX tokens, which constitutes 1.87% of its circulating supply, on December 1. This event alone represents a considerable influx of $49.17 million based on the current market value.
Similarly, 1INCH, a token integral to a decentralized crypto exchange, is preparing for an unlock of 81.06 million tokens. This figure, accounting for 5.4% of the total circulating supply, translates to $29.4 million entering the market. Moreover, dYdX, another prominent player in the decentralized exchange domain, will unlock assets valued at $24.8 million on November 30.
Other Noteworthy Unlocks on the Horizon
Additionally, the market is anticipating several other significant unlocks. SUI will release 69.13 million tokens on December 3, while Axelar (AXL) unlocking 25.81 million tickets was scheduled for November 27. Orbler (ORBR) and Skale (SKL) joined this trend with their respective unlocks on December 2 and 1.
Hedera (HBAR), with a market value of $2.09 billion, is unlocking $11.28 million worth of tokens, representing 0.54% of its market capitalization, on December 1. Vulcan Forged (PYR), Aurora (AURY), StakeWise (SWISE), Solend (SLND), Santos FC Fan Token (SANTOS), Ondo Finance (ONDO), Hooked Protocol (HOOK), Orbs (ORBR), and Biconomy (BICO) are additional names in this extensive list of upcoming unlocks, each with its distinct impact potential based on the percentage of market capitalization being unlocked.
Market Impact and Investor Sentiment
These unlock events often bring a mix of anticipation and caution within the crypto market. The increase in exchange token reserves typically adds selling pressure, potentially driving lower prices. Hence, investors and traders closely watch these developments, assessing their potential impact on individual asset prices and the broader market.
Read Also: Bitcoin Price With Spot ETF Approval On The Horizon, Can BTC Rally Extend To $50k In December?
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