Token Unlocks to Test Crypto Market Stability This Week

Investors prepare for a wave of token unlocks this week, which could inject millions of dollars worth of new cryptocurrencies into the market and potentially create significant price volatility. Projects like DYDX, Pendle, Aptos (APT), 1inch, Immutable X (IMX), CyberConnect (CYBER), and Strike (STRK) are among those set to release previously locked tokens into circulation.

Source: Token unlocks

DYDX, a decentralized exchange, will unlock $2.71 million worth of tokens, constituting 0.58% of its total supply. Currently trading at $1.75, DYDX has experienced a 7.41% decline over the past 24 hours. With a market cap of $467.76 million and 55.6% of its total supply already unlocked, this event could further influence DYDX’s market performance.

Pendle, priced at $5.18, has a market cap of $809.27 million. It will release $192.97 thousand worth of tokens, a relatively small 0.02% of its total supply. This minor unlock may not significantly impact Pendle’s price, but it remains a point of interest for traders.

Aptos (APT) will unlock $91.38 million worth of tokens, accounting for 2.58% of its supply. Currently priced at $8.09, APT has seen a 4.27% decrease in the last 24 hours. With a market cap of $3.55 billion, this significant unlock could trigger heightened trading activity and price volatility.

1inch, a decentralized exchange aggregator, is set to unlock $6.36 thousand worth of tokens, a minuscule fraction of its supply. Its current price is $0.424, down 5% over the last day. With 85.6% of its supply already unlocked, this event is likely to have minimal immediate impact.

Immutable X (IMX) will release $48.25 million worth of tokens, representing 1.72% of its supply. Priced at $1.89, IMX has seen a 5.5% decrease in the last 24 hours. As a leading Layer 2 scaling solution for NFTs, IMX’s token unlock could influence its market dynamics and attract significant trading interest.

CyberConnect (CYBER) will unlock $6.82 million worth of tokens, representing 3.96% of its supply. Currently priced at $7.70, CYBER has dropped by 5.06% over the past day. This unlock event could lead to notable price fluctuations as the market absorbs the new tokens.

Strike (STRK) will release $69.38 thousand worth of tokens, 4.92% of its supply. With a current price of $1.08 and a 4.07% decline in the last 24 hours, STRK’s unlock might prompt increased trading activity and potential price changes.

The increased supply from major token unlocks will, no doubt, impact the value of digital assets like DYDX, Pendle, and Aptos, potentially reshaping the landscape for investors.