This week, several major crypto projects are scheduled to unlock tokens worth over $235 million between April 21-28. Traders and investors are closely watching these events for any potential price swings in the market.
The key projects to watch include Undeads Games (UDS), AltLayer (ALT), Venom (VENOM), Morphware (XMW), and Hooked Protocol (HOOK).
VENOM and ALT are leading the cliff unlocks, with VENOM releasing 59.26 million tokens valued at $8.25 million, while ALT is unlocking 240.10 million tokens worth $7.09 million. Solana (SOL) leads the linear unlocks, with 465,770 tokens hitting the market, valued at $66.03 million.
Undeads Game (UDS) is unlocking nearly $11.5 million worth of tokens, which represents over 20% of its circulating supply. The token is currently down 1.18%, showing bearish momentum and indicating potential selling pressure.
AltLayer (ALT) is showing bullish signs despite the large unlock. The token has surged by 5.71% to $0.02656, defying the usual unlock-related dip and indicating strong market interest.
Morphware (XMW) is unlocking about $676,000 worth of tokens, which is 1.58% of its supply. The token has jumped over 5% in a strong rally, signaling positive sentiment. Meanwhile, Hooked Protocol (HOOK) is set to unlock $465,000 worth of tokens and has posted the strongest daily gains so far, rising 7.59%.
Other tokens like Worldcoin and TRUMP will also unlock significant amounts. These events could affect token prices and market supply. Token unlocks increase the number of tokens available to be sold or traded, potentially impacting the market price of a token.
Last week, major tokens were unlocked over $463 million. Arbitrum (ARB) unlocked $94.87 million, Starknet (STRK) unlocked $91.52 million, and Axie Infinity (AXS) unlocked $76.74 million. Other unlocks included Immutable (IMX), Manta Network (MANTA), ApeCoin (APE), Render (RNDR), dYdX (DYDX), and Nym (NYM).
Token unlocks in crypto matter because they can significantly impact the market by increasing the supply of tokens available for trading. This can lead to price swings and affect investor sentiment.
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