April's $1.38 Billion Crypto Unlock Across 17 Projects Spurs Market Buzz
April 2024 is poised to be a noteworthy period in the cryptocurrency market, with significant token unlock events scheduled throughout the month. A report from TokenUnlocks, a digital assets aggregation platform, indicates that 17 different cryptocurrencies will have individual token unlock events, each exceeding $10 million in value, culminating in a total of over $1.38 billion worth of tokens being released. This process of token unlocks is commonly used in the crypto industry to gradually release tokens into the market according to a predetermined schedule.
Among the tokens scheduled for release, Aptos (APT) stands out with 24.84 million APT tokens, valued at approximately $409.89 million, set to be unlocked on April 12, representing 6.25% of the total APT supply. The token with the highest supply ratio unlock is DYDX, which will release 33.33 million DYDX tokens worth roughly $113.33 million. Notably, on April 30, the unlocks will conclude with PRIME, the official digital currency for Prime Worldwide, releasing 1.66 million tokens valued at €36.23 million, which accounts for 4.44% of its total supply.
These events often lead to increased market activity, as they can cause short-term price volatility and potential dips due to the sudden increase in the circulating supply of the tokens. Investors and market analysts closely monitor such unlocks, as they can have substantial impacts on the market dynamics and token valuations. Additionally, other prominent token unlocks during the month include Axie Infinity (AXS), Arbitrum, and Ronin tokens, further contributing to the large influx of assets anticipated in the market.
