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Home»ETHEREUM NEWS»Gaming Project to Unlock $175 Million in Tokens in a Few Weeks
ETHEREUM NEWS

Gaming Project to Unlock $175 Million in Tokens in a Few Weeks

By Crypto FlexsFebruary 14, 20243 Mins Read
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Gaming Project to Unlock 5 Million in Tokens in a Few Weeks
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Some large game token unlocks are scheduled to occur between now and the end of February, increasing the circulating supply of tokens associated with the following games: sandbox (sand) and parallel (Early). These unlocks can affect market prices, so traders keep an eye on these movements.

According to Crypto Dashboard’s estimates, sandboxes come into play first. Token Unlock, between teams, advisors and company reserve allocations, 205.59 million SANDs are expected to be unlocked on Wednesday. This represents approximately $99.2 million worth of SAND at current prices, or approximately 9.2% of the current circulating supply.

February 16 15.6 million Ape Coin (APE) tokens will be unlocked based on allocations from Bored Ape Yacht Club makers Yuga Labs and its founders, launch contributors, ApeCoin DAO, and philanthropy. This is equivalent to approximately $23.1 million in Ethereum tokens, which is only about 2.6% of the current circulating supply.

From February 22nd immutability will begin 28-day linear unlocking of 1.22 million IMX tokens per day, or $3.66 million at current prices. These allocations come from ecosystem and project development funds and private token sales.

At current prices, approximately $29.3 million worth of IMX tokens (9.76 million IMX tokens) will be unlocked by the end of February. However, this is a relatively small amount of the current circulating supply, representing less than 1% of the supply in existence.

And on February 28, the PRIME token tied to the collectible card game Parallel will unlock 1.66 million tokens, or roughly $16.1 million at current prices. The unlock equates to less than 5% of the current circulating supply.

Web3 Game Guild Organization Yield Guild Games There is also an unlock for YGG tokens scheduled for February 27th, which will unlock 16.69 million tokens with a current value of $7.89 million. This represents almost 5.7% of the circulating supply.

finally, Money Making Game Stepn Starting February 29, a 31-day linear unlock of GMT tokens will begin, with a total of 3.22 million GMT unlocked each day. At current prices, that’s just over $833,000 per day, but only for one day in February. In March, approximately $25 million worth of tokens will be unlocked, based on today’s prices.

What is Token Unlock? When new tokens related to games, apps, and other cryptocurrency projects are minted, they often include a time allocation schedule that can be passed on to community-managed team members. Dao Treasury, ecosystem development efforts and other funds. This is usually done over several years to gradually increase circulating supply without disrupting the market too significantly.

Cryptocurrency traders often pay attention to these unlock dates. This is because dumping large quantities of tokens into the wallets of contributors and investors can create selling pressure, which can negatively impact the price of the token in question.

However, major gaming tokens have been on the rise across the board recently, with some of the tokens in question making significant gains recently. IMX, for example, is up 33% on the month and hit a two-year high on Monday. CoinGecko. ApeCoin is up 11% over the past 30 days, while PRIME is up 18% over that period.

Looking broadly at the cryptocurrency space, the major tokens include: avalanche (Avex), apartment (APT) and optimism (OP) had a significant unlock in February. decryption recently covered.

editor Ryan Ozawa.

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