Many “unlock tokens” are planned during the month of March 2023. In general, this phenomenon can have a negative impact on the price of the cryptocurrency concerned. Here are the top 5 “unlock tokens” to watch in March 2023.
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5 “unlock tokens” to watch out for
We have already mentioned it in a previous article, some projects have not yet unlocked all of their circulating tokens. Indeed, when launching a cryptocurrency, it is usual to lock some of the tokens and release them over the months. This is called “unlock tokens”.
It is a mechanism which can – possibly, it is not a generality – induce downward pressure on the price of cryptocurrency. Indeed, investors tend to take profits during these events and it is therefore important to monitor them.
Around 700 million dollars of tokens will be added to circulation during this month of March. In this sense, we suggest that you observe together the 5 biggest unlock tokens coming in March 2023:
The “unlock tokens” planned for February 2023
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5 – Uniswap (UNI)
With an upcoming release of 8.33 million tokens, valued at $59.25 millionUniswap’s UNI ranks 5th in this ranking. This represents 1.11% of the current capitalization of this cryptocurrency. The event is scheduled for March 15 at 5 a.m. (GMT+2).
Note that the total amount of UNI in circulation is currently 753 million. The current valuation of this asset is $5.1 billionwhich places it in 19th place in the ranking of cryptocurrencies 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 current capitalization of this cryptocurrency. This unlock tokens is scheduled is March 11 at 1 a.m. (GMT+2).
Note that the APT of Aptos currently only has a small part of its tokens in circulation, namely around 17%. While its current capitalization is $2.2 billion, it would be $13.3 billion if all tokens were released into circulation.
We notice that APT was already present in the previous article on the unlock tokens of February, and this last one had a certain impact: capitalization fell by around $300 million.
3 – BitDAO (BIT)
On the 3rd step of the podium of this ranking, we find the BIT of BitDAO. The exchange is expected to release on March 14 at 5 a.m. (GMT+2) a quantity of 187.5 million BIT tokens, representing $108.5 million. This corresponds to 8.97% of the current capitalization of this asset, which is relatively large.
Just like for Aptos, BitDAO has only released for now only a small part of the final amount of tokens (21%) that will be in circulation.
2 – Avalanche (AVAX)
A new entrant in these rankings of unlock tokens is the AVAX from Avalanche. Located at the second position of this ranking, Avalanche plans to release 9.54 million AVAX tokens, or $168 million at the current price.
This event will take place on March 22 at 1 p.m. (GMT+2). The estimated impact is not huge, since this represents 2.9% of the current total capitalization.
1 – ApeCoin (APE)
Finally, on the first step of the podium, we find ApeCoin (APE). The Bored Ape universe-bound asset plans to release 40.5 million APE tokens on March 16 at 7 a.m. (GMT+2), representing $208 million at current asset price.
The estimated impact is significant, since this still represents 11% of the current capitalization of ApeCoin.
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Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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