In February 2023, many projects are planning to do a “tokens unlock”, which means releasing and adding a certain amount of tokens in circulation at once. Inevitably, this has an impact on the price of the relevant cryptocurrency. Here are the top 5 “unlock tokens” to watch out for in February 2023.
Lots of unlock tokens to watch out for
As you probably know, some projects in the cryptocurrency ecosystem don’t have all their tokens in circulation yet. It is customary to lock up tokens for private investors or the team and release them in waves over the months. This mechanism is called “tokens unlock”.
Note that in the short term, this kind of phenomenon can lead to a rise in the price of the cryptocurrency in the days leading up to the release, but more importantly to strong downward pressure from the release of the tokens and the taking of profits by investors. Even if it is not a generality, the tokens unlock is an event to watch.
In February 2023, a total of over $900 million worth of tokens are expected to be released. In this article, we will present the 5 most important unlock tokens to come in the next few days. Here’s the list of affected crypto-currencies:
5 – StepN (GMT)
With an upcoming release of 87.8 million tokens, valued at $46.8 million, StepN’s GMT ranks 5th. This is a pretty huge event for this cryptocurrency, as it represents 14.63% of the current capitalisation. It is scheduled for February 9 at 5am (GMT+2).
Note that the total amount of GMT in circulation is currently 600 million and is expected to reach 6 billion, a 10-fold increase. In the current price, this would hypothetically represent a total capitalisation of $3.2 billion, placing it in 24th place in the cryptocurrency rankings.
4 – Uniswap (UNI)
In 4th place is Uniswap (UNI). The project plans to release 8.3 million UNI tokens, valued at $57.25 million, on February 16 at 5am (GMT+2). Note that despite the amounts, this event is of lesser importance as it represents only 1.1% of the current capitalisation.
The UNI cryptocurrency is currently valued at $5.2 billion and placed 19th in the cryptocurrency rankings by capitalisation.
3 – Aptos (APT)
With an upcoming release of 4.54 million tokens, representing $70.16 million, Aptos (APT) ranks 3rd on the day’s podium. This represents 2.8% of the current capitalisation of this cryptocurrency. This tokens unlock is scheduled for February 12 at 1am (GMT+2).
Like StepN’s GMT, note that Aptos’ APT currently has only a small portion of its tokens in circulation, at around 15%. While its current capitalisation is $2.51 billion, it would be $15.7 billion if all the tokens were released into circulation, placing it in the 8th position of the most capitalised cryptocurrencies.
2 – BitDAO (BIT)
In the 2nd position of this ranking, we find BitDAO’s BIT. The exchange is expected to release 187.5 million BIT tokens on February 15 at 5am (GMT+2), representing $111.5 million. This corresponds to 8.97% of the current capitalisation of this asset, which is relatively significant.
1 – The Sandbox (SAND)
Finally, at the top of the podium, we find The Sandbox (SAND). The French metaverse plans to release 333.8 million SAND tokens on February 14 at 1am (GMT+2), representing $280 million at the current asset price.
This is quite massive as it corresponds to 18.9% of the current SAND capitalisation.
