In the first week of 2024, the cryptocurrency market is poised for a significant influx of over $150 million in unlocked tokens.
Key Takeaways
- Over $150 million in crypto tokens are slated to be unlocked in the first week of 2024, according to Token Unlock.
- dYdX’s token, DYDX, leads with a $111 million unlock, constituting 12.36% of its circulating supply.
- The breakdown of dYdX’s unlock reveals allocations to investors, founders, employees, advisors, consultants, and future employees.
- Other projects, including Galxe, Acala, Liquidity, and Tornado Cash, also have token unlocks scheduled for January, contributing to the significant market activity.
Influx of Unlocked Tokens in the Crypto Market
As the crypto community anticipates the turn of the year, Token Unlock, a leading tracker of locked tokens, has unveiled details regarding the scheduled unlocks for various crypto projects in the first week of 2024. The total value of these unlocked tokens surpasses $150.84 million, signaling a notable market event.
Leading the Unlock: dYdX (DYDX)
The decentralized exchange dYdX is at the forefront of this token unlock wave, with plans to release 33.3 million DYDX tokens on January 1. This unlock represents a substantial $111.33 million, accounting for 12.36% of dYdX’s circulating supply.
Token Unlock’s breakdown reveals that investors stand to receive $61.74 million, while founders, employees, advisors, and consultants are allocated $34.00 million. Future employees are also in line for $15.59 million.
Galxe, Acala, and Others Join the Wave
Another noteworthy project, Galxe (GAL), is scheduled to unlock three million units of GAL on January 5, with a market value of $7.03 million. The distribution plan includes $4.68 million for marketing, $975,000 for the project team, and $1.37 million for the community.
$BTC $DYDX $150M+ Crypto Tokens Set to Flood Market – Coin Edition https://t.co/rY9BPXxwtl
— Jim (@Jimdoteth) December 30, 2023
Other projects with upcoming token unlocks in January include Acala (ACA, $3.04 million), Liquidity (LQTY, $1.02 million), and Tornado Cash (TORN, $172,330).
To Conclude
The unveiling of over $150 million worth of unlocked tokens in the first week of 2024 indicates a significant market event.
With dYdX’s substantial unlock leading the way, accompanied by other projects such as Galxe, Acala, and more, the crypto space is poised for increased activity and potential market dynamics in the coming weeks. Investors and enthusiasts will closely monitor the impact of these token unlocks on individual projects and the broader cryptocurrency market.
