2024-02-14 14:34:25
The tokens of some very important crypto games will be unlocked in the coming weeks of February, which will increase the supply of tokens in circulation related to The Sandbox (SAND) and Parallel (PRIME) games. These unlocks can affect the market price, so traders also monitor such movements.
A TokenUnlocks crypto dashboard according to his estimates, The Sandbox is in first place, with 205.59 million SAND expected to be released on Wednesday between the team, consultants and corporate reserve. This amount represents approximately $99.2 million worth of SAND at current exchange rates and is equivalent to 9.2% of the current circulating supply.
On February 16, 15.6 million ApeCoin (APE) tokens will be released to Bored Ape Yacht Club creator Yuga Labs and its founders, contributors to the launch, based on ApeCoin DAO allocations. That’s about $23.1 million worth of Ethereum tokens, which is just 2.6% of the current supply.
Token unlocks will continue in March
Starting February 22nd, Immutable will launch a 28-day linear unlock process. In doing so, it will unlock 1.22 million IMX tokens per day, or $3.66 million worth of tokens at the current exchange rate. This token allocation is due to ecosystem and project development funds as well as private token sales.
At the current exchange rate, this means nearly $29.3 million worth of unlocks by the end of February, which equates to 9.76 million IMX tokens. However, this is a relatively small part of the supply currently in circulation, since this amount accounts for less than 1%.
And on February 28th, 1.66 million tokens tied to the collectible card game Parallel a PRIME token will be released, which is worth about $16.1 million at the current exchange rate. The release corresponds to just under 5% of the stock currently in circulation.
Web3 gaming organization Yield Guild Games also plans to unlock the YGG token on February 27, when 16.69 million tokens will be released at a current value of $7.89 million. This figure represents nearly 5.7% of the stock in circulation.
Finally, a move-to-earn game called Stepn will begin a 31-day linear unlock of GMT tokens on February 29, unlocking a total of 3.22 million GMT per day. In March, approximately $25 million worth of tokens will be unlocked based on today’s exchange rate.
What is token unlock?
When minting new tokens tied to games, apps, and other crypto projects, they often plan a scheduled distribution schedule. These are basically intended for development team members, a community-controlled DAO treasury, ecosystem members, and other funds. These typically take place over several years to gradually increase the stock in circulation. Ideally, this would be done without disrupting the market too much. Crypto traders often pay attention to these release dates because a large dumping of tokens to token allocation participants and investors can indicate selling pressure, which can negatively impact the price of that token.
However, the price of major crypto-gaming tokens has risen widely in recent times. Some of the tokens in question have seen significant returns recently. IMX, for example, is up 33% on the month and hit a two-year high on Monday, according to data from CoinGecko. ApeCoin has gained 11% over the past 30 days and PRIME is up 18% during that time.
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