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Crypto Market on Edge as Major Token Unlock Events Loom

Unlock events looming in the crypto market could reshape prices as ImmutableX, 1INCH, and dYdX lead the way.
Crypto 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.

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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.

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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.

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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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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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