Major Token Unlocks Between August 28 and September 2

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Major Token Unlocks Between August 28 and September 2

After what has been a hectic week in the crypto market, we are set to enter another week of significant token-unlocking events featuring different altcoins.

Let’s discover which tokens have these unlocks. But first, let’s define what is it.

What are Token Unlocks?

Token unlocks simply refer to the release of a specified amount of assets that have been restricted or locked from circulating on the market. Most project developers hold the locked tokens or early investors. In addition, these events can affect market liquidity.

Research shows that the release of previously locked tokens into the market can boost a cryptocurrency’s liquidity. So, this can result in higher trading volumes, which may have an impact on price volatility and the market’s dynamics. Large-scale token unlocks can result in short-term price volatility, as per historical trends. However, the precise effects on tokens may differ based on the tokenomics of the project.

There are several reasons for token lockups. The first is to ensure that an asset’s price remains stable and prevent heavy sell-offs. Lockups also help ensure that the early investors and the team stay dedicated to the project.

Investors and enthusiasts are preparing for a significant wave of token unlocks this week, as more than $100 million worth of tokens from different projects are expected to be released. Furthermore, the focus is on the possible effects of this release supply on well-known tokens like DYDX, OP, NYM, HBAR, and WOO.

1) DyDX

Market cap: $373,502,540

Token unlock date: August 29th.

Amount: $13.41 million (4.12% of the market cap)

Total supply:1,000,000,000

With DYDX priced at $2.15, which is an 11% increase in the past 7 days. The token unlock could showcase market sentiment towards DeFi projects, especially DEXes. The unlocking could either be an opportunity or a threat for DyDX based on its milestones. 

2) OP (Optimism)

Market cap: $1,026,686,886

Token unlock date: August 31st.

amount: $35.44 million (3.37% of market value)

Total supply: 4,294,967,296

The OP price is on a downward trend ahead of its token unlock. Optimism unlocked and allocated 24.16 million tokens, or 3.37% of the circulating supply, to the project’s main contributors and investors on July 30. Interestingly, the token’s price did not fall in the first week after the unlock, but it dropped in the second, causing holders to lose over 5% of their investment. 

3) HBAR (Hedera)

Market cap: $1,774,365,822.

Token unlock date: September 1st.

amount: $65.42 million (3.43% of market value)

Total supply:50,000,000,000

The HBAR price is in a negative trend ahead of the September 1st unlock. And the unlock could lead to further price collapses due to increased selling pressure.

4) WOO (Woo Network)

Market cap: $279,265,532

Token unlock date: $2.73 million (0.93% of market cap)

Amount: August 29th.

Total supply:2,250,658,820

The WOO price is currently underperforming in the market and is down -7.96%. The token unlock could possibly push the price downward.

5) EDU (Open Campus)

Market cap: $74,752,832

Token unlock date: August 28th.

amount: $8.36 million (11.31% of market cap)

Total supply:1,000,000,000

EDU has declined by 8.59% over the last seven days. The EDU community is bearish, as more than 75% of users have negative emotions about Open Campus.

Here’s a list of other token-unlocking events. 

6) RAD (Radworks)

Market cap: $65,081,033

Token unlock date: August 28th.

amount: $2.07 million (3.07% of market value)

Total supply: 99,998,580

RAD has seen a 0.33% price increase in the past 7 days. So, it remains to be seen how the unlock will affect the RAD price.

7) ILV (Illuvium)

Market cap: $242,131,131

Token unlock date: August 30th.

Amount: $1.64 million (1.10% of the market cap)

Total supply:9,619,241

ILV has been on a downward trend ahead of the token unlock. There’s a possibility that the price could slump further afterward. However, Illuvium community members are mostly bullish on the project as of now.

8) NYM

Market cap: $69,749,772

Token unlock date: August 31st.

amount: $4.16 million (5.68% of the market cap)

Total supply:1,000,000,000

9) MC (Merit Circle)

Market cap: $132,542,416

Token unlock date: September 1st.

amount: $4.44 million (3.39% of market cap)

Total supply:632,384,087

10) SWISE (StakeSwise)

Market cap: $20,060,855

Token unlock date: September 1st.

amount: $1.14 million (5.67% of market cap)

Total supply: 1,000,000,000

11) SLND (Solend)

Market cap: $20,324,506

Token unlock date: September 1st.

amount: $1.24 million (6.26% of market cap)

Total supply: 100,000,000

12) HOOK (Hooked Protocol)

Market cap: $38,348,092

Token unlock date: September 2nd.

amount: $3.06 million (8.33% of market value)

Total supply: 500,000,000

13) ORBR (Orbs)

Market cap: $67,798,477

Token unlock date: September 2nd.

amount: $11.29 million

Total supply:10,000,000,000

14) BLD (Agoric)

Market cap: $68,267,588.

Token unlock date: September 2nd. 

Amount: $4.59 million.

Total supply: 1,047,639,711

15) BICO (Biconomy)

Market cap: $131,307,052

Token unlock date: September 2nd.

Amount: 1.55 million (1.15% of the market cap)

Total supply: 1,000,000,000

In conclusion, these token unlocks will certainly cause waves in the market. However, it is important to remember that short-term volatility is normal in the crypto market. So, if you’re interested in any project, focus on its fundamentals rather than short-term price changes. 

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Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.

We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.

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