|

Is GAL and 1INCH token unlock a sell-the-news event?

  • 1INCH and GAL token unlocks are scheduled for March 24 and 30 respectively. 
  • The two crypto tokens have yielded gains for holders over the past two weeks, token unlock could therefore be a sell-the-news event. 
  • 1INCH token unlock accounts for 0.004% of the total supply and GAL unlock will add 0.096% to circulation. 

1inch (1INCH) and Galxe (GAL) have token unlocks scheduled for March 2023. Typically, token unlocks increase the circulating supply of an asset, negatively influencing the price. In the case of 1INCH and GAL, the two tokens have yielded gains for holders over the past week, making it likely that unlock turns into a “sell-the-news” event. 

Also read: Analysts turn to Ethereum rivals hunting for next altcoin with 2x gains

1INCH and GAL token unlock details

According to data from Token Unlocks, 1INCH unlock is scheduled for 24 March. A total of 53,572 1INCH tokens worth $27,440, nearly 0.004% of the supply. 

1INCH token unlock

1INCH token unlock

A week from the 1INCH token unlock, the GAL token unlock is scheduled to occur, where 192,307 tokens worth $346,154 will be unlocked. The GAL token unlock on March 30 will introduce 0.096% of the supply in circulation. 

GAL token unlock

GAL token unlock

1INCH holders gained 8.2% over the past two weeks and GAL yielded 20.3% gains. Since the two altcoins have offered nearly double-digit gains since March 9, it is likely that the token unlock event turns out to be a “sell-the-news” for holders. 1INCH and GAL holders can expect a correction in their prices with the upcoming token unlock. 

Author

Ekta Mourya

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.

More from Ekta Mourya
Share:

Editor's Picks

XRP extends recovery as on-chain activity grows
Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).
Ethereum Price Forecast: ETH continues July uptrend with 20% rise after triggering buy signal
Ethereum (ETH) has gained 3% on Tuesday, extending its July gains above 20% after key on-chain indicators highlighted a resumption of buying activity. The strong performance so far in July comes a few days after ETH triggered the Market Value to Realized Value (MVRV) Buy signal. ETH has been up by roughly 22% since the signal.
Chainlink becomes top 20 best performer, 3 reasons behind the move
Chainlink (LINK) has become the best-performing asset in the top 20 this week, leading every other major cryptocurrency. The cryptocurrency jumped 10.18% to $8.71, its highest level since early June. Three major factors explain the double-digit rise over the past week.
Crypto Today: Bitcoin, Ethereum, XRP extend rebound amid returning institutional capital inflows
Cryptocurrency prices extend a broad recovery, led by Bitcoin (BTC), trading above $66,000 at the time of writing on Tuesday. Ethereum (ETH) remains bullish above $1,940, after logging four straight days of gains. Meanwhile, Ripple (XRP) hovers around $1.13, building on the reclaimed $1.10 critical level.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.