The bull market is just around the corner. It’s time for investors to stay alert and grab the available opportunity. This week, Bitcoin surpassed $93k, XRP reached $1, and the meme coin PNUT surprisingly surged by 100%. Many more unexpected gains are going to happen in the market. Alongside the market twist, several major token unlocks are trailing behind. Over $655M worth of tokens are to be injected into the market, which could alter the market dynamics. This article discloses information about the token unlocks this week that traders and investors must watch.
ApeCoin ($APE)
APE is a popular utility token that was built on the back of the BAYC (Bored Ape Yacht Club ) NFT collection. As per the data from CoinMarketCap during press time, it is valued at $1.17, experiencing a rise of 9.92% from the previous day. About 15.6M tokens are to be unlocked, which is 2.16% of the circulating supply.
Avalanche ($AVAX)
The Avalanche network is going to release 2.37M AVAX tokens worth over $81.94M. This is 0.58% of the circulating supply of 407.35M AVAX. During press time, the token reached $34.86, which is up by 8.15%. Over the past month, the token witnessed a surge of 29% with a 24-hour trading volume of $778.84M.
Avalanche Foundation to Get Back Nearly 2M AVAX from TerraOasis ($ROSE)
The Oasis is known for its scalability and remains a hub for developing decentralized applications for developers. The native token of this network, ROSE, trading at $0.08377 at press time, has surged by over 10%. In the upcoming days, over 176M ROSE tokens are yet to be unlocked, which could cause its price to fall or rise. Since 2.62% of the circulating supply valuing $14M is going to be injected, this is a must-watch token for traders and investors.
Ethena ($ENA)
The Ethena Labs’ network is about to release 12.86M tokens in the upcoming week. It is 0.45% of the circulating supply valued at over $7M. As of writing, the token experienced a slight plunge to 3% from the previous day and reached $0.5539. Though it slid over the past 24 hours, the token skyrocketed by 42% in 30 days.
Cardano ($ADA)
The 9th largest cryptocurrency by market cap is set to unlock 18.53M tokens into the market, which is 0.05% of the circulating supply. The recent dynamics of Bitcoin have caused the token to rise by 19.43% in the past 24 hours. During press time, the token is trading at $0.7412 with a 24-hour training volume of $5.64B.
To Wrap Up
Token unlocks play a pivotal role in managing a blockchain project’s tokenomics. This process involves transferring previously locked tokens into the private wallets of early investors, team members, or partners, making them available for trading. Since the crypto market works based on supply and demand, the sudden unlocks could lead to price fluctuations. Having an eye on the upcoming token unlocks is essential for investors to navigate cautiously in the turmoil market.
