These 5 Cryptos Have Huge Token Unlocks in February

A selling pressure of nearly $1 billion will potentially flood the crypto market due to huge token unlocks. Notably, Optimism (OP), Avalanche (AVAX), The Sandbox (SAND), Aptos (APT), and Sui (SUI) are the projects with the highest unlocks.

Generally, when a new crypto project is launched, it has a vesting period, wherein its tokens remain frozen for a certain period. But after the token unlocks, the holders can finally sell or transfer their tokens.

Largest Token Unlock of February 2024: $344 Million AVAX Unlocks

According to data compiled by BeInCrypto, various crypto projects will unlock around $982.78 million worth of tokens. Amidst them, Avalanche’s token unlock is the highest one.

The screenshot below from Token Unlocks shows that on February 22, Avalanche will unlock 2.60% of its circulating supply. Based on the current market price, the 9.54 million AVAX tokens scheduled for unlock cost a whopping $344.17 million.

Read more: How To Buy Avalanche (AVAX) and Everything You Need To Know

Moreover, the allocation for unlocked AVAX tokens is as follows:

Will Aptos Token Unlocks Once Again Cause Its Price to Plummet?

The screenshot below shows that Aptos will unlock 24.84 million APT tokens worth $229.54 million on February 11, 2024. 

Previously, the project unlocked the same amount on January 12, 2024, and December 12, 2023. During the previous unlocks, the screenshot below shows the price of the APT tokens plummeted by 17.94% and 14.10%, respectively.

Will the history of the token’s price correction following an unlock repeat on February 11, 2024?

Read more: An Ultimate Guide to Aptos Cryptocurrency (APT) and Its Network

Nonetheless, the table below shows the allocations of unlocked tokens:

The Sandbox Will Inject $95 Million Into Circulation

The Sandbox conducts two token unlocks per year, i.e., in February and in August. Its first unlock for 2024 is scheduled for February 14, 2024.

The screenshot below shows that the project is scheduled to unlock 205.59 million SAND tokens, which make up 9.19% of the circulating supply. According to the current market price, the tokens are worth $95.47 million.

The project will allocate the unlocked supply to three beneficiaries. The table below shows the complete details:

Optimism and Sui Scheduled to Add Significant Tokens to Circulation

On the last day of February, Optimism will release 24.16 million OP tokens into circulation for core contributors and investors. As of writing, these tokens are worth $76.58 million.

Read more: Optimism vs. Arbitrum: Ethereum Layer-2 Rollups Compared

Meanwhile, Sui will release 34.62 million tokens worth $54 million for the community access program. The Sui token unlock is scheduled for February 3.

Read more: Everything You Need to Know About the Sui Blockchain

Crypto traders and investors often monitor events such as token unlocks. However, it is worth noting that the event may not necessarily result in the downfall of a token’s price. The price-action is subjected to various other factors as well.

The post These 5 Cryptos Have Huge Token Unlocks in February appeared first on BeInCrypto.