IMX, 1INCH, DYDX tokens worth $105 million will unlock in the upcoming week
- IMX, 1INCH and DYDX tokens will be unlocked in the upcoming week.
- DYDX unlock is scheduled for November 30 and IMX, 1INCH unlock events are lined up for December 1.
- Tokens that will be unlocked account for 1% to 5.4% of the asset’s circulating supply, likely to influence price.
Cryptocurrency token unlock events are lined up for next week, ImmutableX (IMX), 1INCH, dYdX (DYDX), will unlock $105 million worth of assets. Token unlock events influence prices of assets if they account for more than 1% of the circulating supply.
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Crypto token unlocks in the upcoming week
Crypto token unlocks are key events that have an impact on the direction of the asset’s price trend. IMX, 1INCH and DYDX worth $51.5 million, $29.4 million and $24.8 million, respectively, are being unlocked on December 1 and November 30.
ImmutableX is a Layer 2 scaling solution token, 1INCH and DYDX are the native tokens of decentralized crypto exchanges.
37.49 million IMX tokens that represent 1.87% of the circulating supply are set to enter circulation on December 1. 81.06 million 1INCH tokens, 5.4% of the asset’s circulating supply, worth $29.4 million will likely hit exchange wallets, post unlock.
The increase in a token’s reserves across exchanges adds to the selling pressure on the asset, driving its price lower.
Upcoming token unlocks
Other notable unlocks include SUI, 69.13 million tokens being unlocked on December 3, Axelar (AXL), 25.81 million tokens being unlocked on November 27, Orbler (ORBR) unlock of 37.41 million tokens on December 2 and Skale (SKL), 195.25 million tokens being unlocked on December 1.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
