Crypto Token Unlocks Worth Over $212 Million Set to Create Sell Pressure
This week, several crypto tokens worth over $212 million are scheduled to unlock, potentially causing significant sell pressure in the market. Here are the key points:
- The DAO Maker Token unlock of 20.82 million DAO is scheduled for August 9th.
- The GMT token unlock of 87.92 million GMT is also set for August 9th.
- The ICP token unlock of 3.31 million ICP is scheduled for August 11th.
- The BMEX token unlock of 18.5 million BMEX is also set for August 11th.
- The APT token unlock of 4.54 million APT is scheduled for August 12th.
- The SAND token unlock of 308.46 million SAND is set for August 14th.
The release of these tokens can amplify selling pressure on the assets as they enter cryptocurrency exchanges. Previous unlocks have resulted in price declines for the tokens, with APT experiencing the biggest loss of over 8% in the past month. Other tokens, such as DAO, SAND, GMT, and BMEX, also recorded declines in value. Only ICP saw a minor decline of 1%.
Hot Take:
Investors should closely monitor the market as these token unlocks could lead to increased volatility and potential price drops. It is important to consider the impact of unlocked tokens on the overall supply and demand dynamics in the crypto market.
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