Many “unlock tokens” are expected during March 2023. In general, this phenomenon can have a negative impact on the price of the relevant cryptocurrency. Here are the top 5 unlock tokens to watch out for in March 2023.
5 unlock tokens to watch out for
As we mentioned in a previous article, some projects have not yet unlocked all of their outstanding tokens. Indeed, at the launch of a cryptocurrency, it is usual to lock some of the tokens and release them over the months. This is called “tokens unlock”.
It is a mechanism that can – eventually, it is not a generality – induce a bearish pressure on the price of the cryptocurrency. Indeed, investors tend to take profits during these events and it is therefore important to monitor them.
About $700 million worth of tokens will be added to circulation during this month of March. With this in mind, let’s take a look at the top 5 unlock tokens coming in March 2023:
5 – Uniswap (UNI)
With an upcoming release of 8.33 million tokens, valued at $59.25 million, Uniswap’s UNI ranks 5th in this ranking. This represents 1.11% of the cryptocurrency’s current capitalisation. The event is scheduled for March 15 at 5am (GMT+2).
Note that the total amount of UNI in circulation is currently 753 million. The current valuation of this asset is $5.1 billion, which places it 19th in the cryptocurrency ranking by capitalization.
4 – Aptos (APT)
With an upcoming release of 4.54 million tokens, representing $59.1 million, Aptos (APT) ranks 4th in this ranking. This represents 2.67% of the cryptocurrency’s current capitalization. This tokens unlock is scheduled for March 11 at 1am (GMT+2).
Note that Aptos’ APT currently has only a small portion of its tokens outstanding, around 17%. While its current capitalisation is $2.2 billion, it would be $13.3 billion if all the tokens were released into circulation.
Note that APT was already present in the previous article on unlocked tokens in February, and the latter had some impact: the capitalisation dropped by about $300 million.
3 – BitDAO (BIT)
At the 3rd step of the podium of this ranking, we find BitDAO’s BIT. The exchange is expected to release 187.5 million BIT tokens on March 14 at 5am (GMT+2), representing $108.5 million. This corresponds to 8.97% of the current capitalisation of this asset, which is relatively large.
As with Aptos, BitDAO has only released a small portion of the final 21% of tokens that will be in circulation at this time.
2 – Avalanche (AVAX)
A new entrant in these unlock token rankings is Avalanche’s AVAX. Ranked second in the rankings, Avalanche plans to release 9.54 million AVAX tokens, or $168 million at current prices.
This event will take place on 22 March at 1pm (GMT+2). The estimated impact is not huge, as it represents 2.9% of the current total capitalization.
1 – ApeCoin (APE)
Finally, at the top of the podium, we find ApeCoin (APE). The asset linked to the Bored Ape universe expects to release 40.5 million APE tokens on March 16 at 7am (GMT+2), representing $208 million at the asset’s current price.
The estimated impact is significant, as this still represents 11% of the current ApeCoin capitalisation.
