Crypto Projects Unlocking Tokens Worth Over $120 Million
Crypto projects Avalanche, Lido, and Yield Guild Games are set to release more than $120 million worth of tokens into circulation this week. Here are the key points:
1. Yield Guild Games (YGG) will unlock 12.22 million YGG tokens, equivalent to 6.6% of its circulating supply, worth $2.87 million. The majority of the tokens will go to founders, investors, the project’s treasury, and its community.
2. Avalanche will unlock 9.54 million AVAX tokens, equivalent to 2.77% of its circulating supply, worth $102.1 million. The tokens will be allocated to the team, strategic partners, the Avalanche Foundation, and for airdrops.
3. Lido will unlock 8.5 million LDO tokens, which will go to investors, representing Lido’s final cliff unlock.
4. Other tokens with smaller unlocks include Acala’s token, 1inch Network’s 1INCH, and Pendle’s token.
The previous unlocks for YGG and Avalanche resulted in significant price movements. YGG’s price surged over 300% before falling, while AVAX saw a 20% decrease. It will be interesting to see how these token unlocks impact the market this time.
Hot Take:
Token unlocks can have a substantial impact on the price and market dynamics of cryptocurrencies. As these projects release millions of dollars worth of tokens, it will be crucial to monitor the market to observe any potential price fluctuations and reactions from investors.
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