Next week’s nearly $250 million worth token unlock events: YGG, AGIX, SUI, OP, PRIME, MANTA DYDX, ZETA


  • Eight altcoins will unlock $248.19 million worth of cryptocurrency tokens next week.
  • Large value unlocks have the potential to influence altcoin prices, token prices could crumble under selling pressure.
  • Yield Guild Games, SingularityNET, Sui, Optimism, Echelon Prime, Manta Network, dYdX and ZetaChain are lining up to increase their circulating supply.

Data according to TokenUnlocks shows that several projects are lining up to increase their circulating supplies next week, between February 27 and March 1. Yield Guild Games, SingularityNET, Sui, Optimism, Prime, Manta Network, dYdX and ZetaChain have scheduled to offload between 0.35% and 5.57% of their circulating supply into the markets in a cliff unlocks event.

Also Read: February's $870 million crypto token unlocks: SUI, APT, SAND, APE, MANTA, AVAX, OP

Token unlocks event to watch out for next week     

Cryptocurrency token unlocks are typically considered bearish events for asset prices. Unlocked tokens enter circulation, increasing selling pressure on the asset across cryptocurrency exchange platforms.

Next week, the Yield Guild Games ecosystem will kick of the chain of unlock events on the calendar with 16.69 million YGG tokens worth $8.62 million due to flood markets on February 27. This will comprise 5.57% of the project’s circulating supply.

AI crypto project SingularityNET also has an unlocks event on the calendar, with 8.97 million AGIX tokens worth $6.25 million expected to flood markets on February 28. This will constitute 0.71% of the project’s circulating supply.

The Sui network will also be unlocking 4 million SUI tokens worth $6.96 million on February 29 0.34%, the same day as when the Layer 2 (L2) project Optimism will be unlocking 24.16 million OP tokens worth $88.42 million to the market. For Optimism, the unlocks will make up for 2.52% of the token’s supply that is already in the market.

On the same day, the Echelon Prime network will be releasing 1.66 million PRIME tokens worth $20.56 million constituting 4.89% of the network’s circulating supply.  

Kicking off the March unlocks will be the Manta Network with up to 1.87 million MANTA tokens worth $6.20 million and comprising 0.74% of its circulating supply flooding markets. Other token unlocks on the same day include dYdX, which will pour 33.33 million DYDX tokens (1.09% of circulating supply) worth $98 million to the market.

The ZetaChain ecosystem will also dump 5.29 million ZETA tokens worth $13.18 million on the same day, adding 2.24% of the circulating supply to the market.

Implication of token unlocks on the market

While token unlocks are generally considered bearish catalysts, those cryptocurrencies that unlock over 3% of their circulating supply are often the ones that suffer a correction in their price.

Traders should keep an eye out for these events because of their nature to cause price volatility. Proactive traders know how to make a profit by trading around these events. The other lot is likely to be rekt as part of exit liquidity.

(This article was corrected on February 24 at 15:50 GMT to say that Manta will unlock tokens worth $6.20 million, not $6.20.)


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin active addresses hit lowest level in five years, BTC ranges below $67,000

Bitcoin active addresses hit lowest level in five years, BTC ranges below $67,000

Bitcoin (BTC), the largest asset by market capitalization, has noted a decline in its active address count per data from Glassnode. A decline in active addresses is typical at a time during a surge in Bitcoin transaction fees.

More Bitcoin News

SEC vs. Ripple lawsuit update: Regulator responds to letter regarding Terraform Labs judgment

SEC vs. Ripple lawsuit update: Regulator responds to letter regarding Terraform Labs judgment

Securities and Exchange Commission (SEC) responded to Ripple’s letter that quotes the reasons for the settlement amount being unreasonable. The payment firm had proposed a fine of $10 million, as opposed to the SEC’s $2 billion. 

More Ripple News

Gemini Earn creditors could recover their funds in coin as New York Attorney General recovers $50 million

Gemini Earn creditors could recover their funds in coin as New York Attorney General recovers $50 million

Gemini exchange had terminated its Earn program after Genesis Global Capital did not return over $900 million in assets that it owed to the platform. New York Attorney General Letitia James’ office has recovered a total of $2.05 billion from the platform.

More Cryptocurrencies News

Here’s what you need to know about LayerZero ZRO token airdrop

Here’s what you need to know about LayerZero ZRO token airdrop

LayerZero Labs CEO Bryan Pellegrino released details of the upcoming ZRO token airdrop in a recent tweet. ZRO total supply is 1 billion of which 23.8% will be directly allocated to the community and builders. LayerZero announced June 20 as a key date, it remains unclear whether this is the airdrop or entitlement date. 

More Zro News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP