Some of the most popular cryptocurrencies are having their token unlock events this week. The Sandbox unlocked millions of tokens, leading to a major dilution among holders. This dilution, helped push the SAND token to the lowest level since June.
According to TokenUnlocks, ApeCoin, Oasis Network, and Injective will flood the market with additional tokens this week. ApeCoin, the native token by Bored Ape Yacht Club (BAYC), will release additional 15.6 million tokens on Wednesday.
These tokens represent about 4.3% of the total circulating supply and will be worth $31.5 million. Most of them will go to Treasury followed by Yuga Labs, Yuga Labs founder, and launch contributors. The last ApeCoin token unlock will happen in June 26th.
ApeCoin’s token unlock will come at difficult for the ecosystem as demand for BAYC prices retreat. Its price has plunged by over 68% from the highest level this year.
Oasis Network, a smart chain platform, will unlock additional ROSE tokens worth over $8 million. Its last token sale happened in May 18th when the developers unlocked 199.50 million tokens. These tokens will go to partners and reserve, core contributors, and the community. The last token unlock will happen in February 2031.
The last major token unlock will be Injective, the DeFi-focused blockchain backed by Mark Cuban. Injective will release tokens worth over $20 million on Sunday, with most of them going to the ecosystem developers. Injective’s final vesting will happen in April 2024.
In most cases, token unlocks tend to be bearish for cryptocurrencies since they lead to more dilution. They are often seen as the reversal of share buybacks in the corporate sector.
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- ApeCoin will unlock tokens worth over $31.4 million this week.
- Oasis Network will also unlock tokens worth over $8 million.
- Injective will also release more tokens this week.