This week, the crypto market is set to witness a series of major developments, particularly with the token unlocks of 22 altcoins. These unlocks will present both opportunities and challenges for investors, as large amounts of tokens being released can lead to significant volatility. Here are the key altcoin unlocks to watch closely this week.
October 7, 2024, Monday: Altcoin Unlocks Begin
Monday kicks off with notable token unlocks that could have substantial effects on market prices. Worldcoin (WLD) will release $6.72 million worth of tokens, representing 0.68% of its total market cap. Another significant unlock will come from Hashflow (HFT), with $1.99 million worth of tokens becoming available, amounting to 2.92% of its market cap.
Sei (SEI) and ECOx (ECOX) are also set to unlock tokens on the same day. SEI will release $2.30 million worth of tokens, while ECOx’s unlock is particularly significant, representing 10.70% of its market cap. This large release for ECOx is expected to cause major price movements.
October 9, 2024, Wednesday: Nakamoto Hard Fork and More Unlocks
Wednesday will be an eventful day with several notable token unlocks. Tribal Finance (TRIBL) will release a massive $16.41 million in tokens, which equals 20.45% of its market cap. Other major unlocks on this day include GMT (GMT) with $11.75 million, Xai (XAI) with $8.55 million, and Cetus Protocol (CETUS) with $3.45 million.
However, the spotlight will likely be on Neon EVM (NEON), which is set to unlock 91.99% of its market cap in tokens. This significant event could cause a considerable price shift for NEON. Investors should keep a close eye on these tokens for any market reactions.
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October 10, 2024, Thursday: Cheelee and ChainGPT Unlocks
On Thursday, Cheelee (CHEEL) will take center stage with a massive token unlock worth 41.26% of its market cap, making it one of the largest releases of the week. ChainGPT (CGPT) will also release $3.29 million worth of tokens.
Another important event on Thursday will be the unlock of Internet Computer (ICP), Goldfinch (GFI), and io.net (IO) tokens, with a combined total value of over $25 million being unlocked. These events are likely to cause ripples across the altcoin markets.
October 11-13, 2024: The Final Altcoin Unlocks of the Week
As the week draws to a close, Aptos (APT) will see one of the largest token unlocks, with $98.42 million worth of tokens becoming available. This represents 2.25% of APT’s market cap and could trigger notable price fluctuations.
Other altcoins like Oasys (OAS), Boba Network (BOBA), Gods Unchained (GODS), Masa Network (MASA), and Mocaverse (MOCA) will also have their token unlocks, each contributing to the volatility of the market as millions of dollars in tokens are released.
In total, the week will see over 22 altcoins unlocking millions of dollars worth of tokens. As reported by The Bit Journal, these unlock events will likely impact the broader market, so investors should carefully monitor the price movements and adjust their strategies accordingly.
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