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Many major cryptocurrencies, including native tokens of dYdX ($DYDX), Optimism (OP), and Sui ($SUI), fell as major token unlocks opened on Monday.
After Lock Openings, Cryptocurrencies Declined
According to data from Token.Unlocks and CryptoRank, altcoins are facing an increase of approximately $650 million in supply during this week.
Unlocking tokens means an increase in the supply of the asset, releasing coins through a vesting period, including to early investors.
According to a study by crypto analysis firm The Tie earlier this year, major unlock events often lead to price declines due to an increase in supply outstripping investor demand for the asset.
$DYDX will add approximately $480 million worth of tokens to its circulating supply, nearly doubling the amount of tokens available in the market.
Top 7 Biggest Token Unlocks in the Next 7 Days
Monitoring of vested tokens and future unlock events is an important step to make more cautious and, in the end, better trading decisions. Let’s take a look at this and some other biggest unlocks coming in the next 7 days, including… pic.twitter.com/BU4CYzquoe
— TOP 7 ICO | #StandWithUkraine🇺🇦 (@top7ico) November 27, 2023
OP, $SUI, Axelar ($AXL), Immutable X (IMX), 1inch (1INCH), and Hedera (HBAR) also have major unlocks planned in the coming days.
According to CryptoRank data, Axelar ($AXL) is down 10% in the last 24 hours as approximately $18 million worth of tokens, including early investors, were added to its supply, roughly 5% of the market cap, during the scheduled monthly token unlock on Monday.
$DYDX fell 7% during the same period before the launch of $480 million worth of tokens on December 1.
OP is down nearly 6% as $40 million worth of tokens are set to be released on November 30. $SUI fell 8.8% on the day as its supply increased by $48 million over the week.
As Bitcoinsistemi.com, we write weekly lock openings every weekend.
*This is not investment advice.