Major Altcoin Unlocks: Week of January 22, 2024

As we enter a new week in the cryptocurrency market, with economic data releases from the United States on the horizon, there are a number of significant altcoin unlocks. We thought it might be important for you to know about these unlocks, so we have compiled a list of the major altcoin unlocks for the week.

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23rd of January, Tuesday (Altcoin Unlocks)

• dYdX (DYDX)
  • Market Cap: $866.39 million
  • Unlocked Token Amount: $17.82 million (2.05% of market cap)
• Bonfida (FIDA)
  • Market Cap: $33.04 million
  • Unlocked Token Amount: $5.18 million (15.70% of market cap)

January 24, Wednesday

• Ribbon Finance (RBN)
  • Market Cap: $292.66 million
  • Unlocked Token Amount: $11.67 million (3.99% of market cap)
• GameSwift (GSWIFT)
  • Market Cap: $31.51 million
  • Unlocked Token Amount: $1.55 million (4.91% of market cap)
• Mask Network (MASK)
  • Market Cap: $344.92 million
  • Unlocked Token Amount: $2.30 million (0.67% of market cap)

January 25, Thursday

• Pintu Token (PTU)
  • Market Cap: $36.05 million
  • Unlocked Token Amount: $2.45 million (6.74% of market cap)
• H2O Dao (H2O)
  • Market Cap: $29.10 million
  • Unlocked Token Amount: $4.29 million (14.77% of market cap)
• TENET (TENET)
  • Market Cap: $21.74 million
  • Unlocked Token Amount: $2.51 million (11.56% of market cap)

 26th of January, Friday

• GateToken (GT)
  • Market Cap: $471.45 million
  • Unlocked Token Amount: $31.66 million (6.72% of market cap)
• Dogechain (DC)
  • Market Cap: $20.66 million
  • Unlocked Token Amount: $2.63 million (12.86% of market cap)
• Immutable (IMX)
  • Market Cap: $2.59 billion
  • Unlocked Token Amount: $71.92 million (2.79% of market cap)

January 27, 2024

• Flow (FLOW)
  • Market cap: $1.2 billion
  • Unlocked token amount: $5.59 million (0.47% of market cap)
• Axelar (AXL)
  • Market cap: $489.77 million
  • Unlocked token amount: $22.42 million (4.57% of market cap)
• Yield Guild Games (YGG)
  • Market cap: $154.26 million
  • Unlocked token amount: $5.42 million (3.56% of market cap)

28 of January 2024 (Major Altcoin Unlock)

• Fetch.ai (FET)
  • Market cap: $506.20 million
  • Unlocked token amount: $2.04 million (0.40% of market cap)
• Chromia (CHR)
  • Market cap: $201.27 million
  • Unlocked token amount: $1.44 million (0.72% of market cap)
• Maverick Protocol (MAV)
  • Market cap: $130.08 million
  • Unlocked token amount: $5.76 million (4.43% of market cap)
• Open Campus (EDU)
  • Market cap: $153.58 million
  • Unlocked token amount: $6.08 million (3.96% of market cap)

Analysis

As a general rule, large token unlocks can lead to selling pressure on the underlying asset. This is because investors who have been holding tokens locked up are now able to sell them on the open market. In the case of the altcoins listed above, the unlocked token amounts represent a significant percentage of the respective market caps. This suggests that the selling pressure from these unlocks could be significant.

Of course, the impact of token unlocks will vary depending on a number of factors, including the underlying fundamentals of the asset, the overall market sentiment, and the timing of the unlock. However, it is important to be aware of the potential for selling pressure from token unlocks when making investment decisions.