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- Major altcoins like SUI, Aptos and Arbitrum among others set for token unlock in February.
- Market volatility has further strained these tokens with bearish price outlook.
The crypto market anticipates witnessing a new wave of token unlocks in February, reaching $3.9 billion. The cryptocurrencies to lead this charge include Sui (SUI), Aptos (APT), Arbitrum (ARB), and Sandbox (SAND).
Major Token Unlock Set for February
Token unlocks are events where crypto projects release previously locked tokens into circulation. These events are carefully planned to minimize market pressure and avoid sudden price drops, as CNF discussed earlier.
Recent data from Tokenomist shows over 60 tokens will increase their circulating supply in February via token unlocks. Some of the tokens set for the anticipated $3.9 billion token unlock include SUI, APT, SAND, ARB, Avalanche (AVAX), Ethena (ENA), and Immutable X (IMX).
These unlock events will see between 0.5% and 0.64% of the circulating supply of each cryptocurrency become available. This has prompted both excitement and caution among investors within the crypto market.
The token unlocks which begin on February 1, will see SUI release the highest supply injection in the month. Approximately 80 million SUI tokens valued at about $288 million will hit the market. The SUI’s unlock volume may have little effect on the token’s price as it represents only 0.64% of the circulating supply.
The Sandbox, another promising project in the blockchain space, will implement an unlock schedule for its SAND tokens. Sandbox is set to release over $128 million worth of SAND tokens into the market in February.
Similarly, APT, ARB, and AVAX will unlock $101 million, $71 million, and $64 million worth of their tokens into circulation. In the meantime, $79 million worth of token unlocks will hit the market next week from XDC, NEON, GGP, AGI, MAVIA, and SPELL.
XDC Network will also unlock $49 million worth of its tokens next week. Subsequently, the network will steadily increase the token’s circulating volume as February progresses.
SUI, APT, and ARB React to Crypto Market Liquidation
Sui is promising a Layer 1 blockchain with a well-structured token unlock schedule. By conducting periodic token unlocks, Sui aims to balance the interests of early investors and the long-term health of the ecosystem.
As noted in our earlier post, Phantom Wallet has included support for the Sui blockchain, expanding its reach.
As of this writing, SUI price was trading at $3.97, down 5.6% in the last 24 hours, with a market cap of $12.3 billion. APT and ARB have also lost a substantial amount of their recently acquired gains. These cryptocurrencies have declined by 9.53% and 4.05% within the past day. with Aptos dropping to $7.352.
The declining prices come amid intense volatility in the crypto market. Bitcoin (BTC), the flagship crypto, lost 2.67% of its value within the same period to trade at $101,237. Top altcoins and memecoins like Ethereum and Dogecoin were not spared from the liquidations.
