February 2024 is a pivotal month, with nearly $1 billion in altcoins set to unlock. This phenomenon, crucial for investors and newcomers alike, signifies the release of previously restricted altcoins into the market, influencing supply and demand dynamics.
Alex Wacy, a renowned decentralized finance (DeFi) research specialist, has highlighted this significant event, emphasizing its impact on some of the notable altcoins among this February unlock.
Altcoins Unleash: The February Token Unlocks
February’s token unlocks encompass a diverse range of projects. Key players such as Aptos (APT), Immutable (IMX), Sui (SUI), Sei Network (SEI), and Oasis Network (ROSE) are at the forefront of this movement.
Aptos is set for a substantial release on February 12, with roughly $230 million worth of tokens poised for circulation. Despite previous unlocks, APT’s price has remained relatively stable.
Similarly, IMX and SUI are preparing for significant unlocks on February 23 and February 3, respectively. IMX’s unlock is valued at around $70 million, while SUI’s, worth $100 million, is particularly noteworthy as it marks its inaugural annual unlock.
SEI and ROSE are also partaking in February’s unlock, with SEI releasing $85 million worth of tokens on February 15 and ROSE’s $19 million unlock scheduled for February 18. These events come when both projects have shown modest gains in the market.
Large token unlocks in February
:
• $DYDX – $91M February 1
• $SUI – $100M February 3
• $NYM – $14M February 3
• $GMT – $28M February 9
• $CGPT – $9M February 10
• $APT – $230M February 12
• $SEI – $85M February 15
• $MANTA – $51M February 18
• $ROSE – $19M February… pic.twitter.com/aK2dT2Phkk— AlΞx Wacy
(@wacy_time1) January 31, 2024
Market Performance Analysis Of Unlocked Tokens
Amid the anticipation of these altcoins unlock, SUI, IMX, and Aptos have experienced notable surges in their values, increasing by 27.3%, 10.6%, and 9.7%, respectively, over the past week. However, the last 24 hours have seen varied movements, with SUI facing a 6.4% decline, Aptos slightly up by 0.7%, and IMX reducing by a mere 0.1%.
SEI and ROSE, on the other hand, have witnessed less dramatic shifts. SEI saw a 6.4% increase over the week, while ROSE gained 5.4%. However, their 24-hour performance has diverged, with SEI dropping nearly 10% and ROSE decreasing by a marginal 0.2%.
These market performances reflect the broader crypto market trajectory, which has recently seen a 1.7% decline in the overall market cap, now at $1.72 trillion.
This decline is led by crypto giants Bitcoin and Ethereum, which have experienced a 1.7% and 1.8% decline in their market caps over the past 24 hours. To put this into perspective, Bitcoin’s overall market cap has dropped approximately $15 billion in the past day, falling from $856 billion yesterday to $841 billion today.
Similarly, Ethereum’s market cap has decreased by nearly $6 billion over the same period, moving from $282 billion yesterday to $276 billion today.
Featured image from Unsplash, Chart from TradingView