- Crypto tokens worth over $120 million will be unlocked in the next seven days.
- Some of the top coins that will have token unlocks this month are Aptos, ApeCoin, and Avalanche.
Several large cryptocurrencies are preparing for major dilution as their next token unlocks near. These unlocks lead to more tokens coming into circulation, which dilutes the existing investors.
Aptos (APT), the relatively new blockchain, will be one of the top platforms that will unlock more tokens this month. According to TokenUnlocks, Aptos will unlock tokens worth over $173 million on November 12th. These new tokens will go to the Aptos Foundation, core contributors, investors and the community.
Aptos has been in an unlocking spree in the past few months and the trend will continue. Besides, only 18% of the total tokens have been unlocked so far. Still, despite this, the APT token has surged by more than 50% from the lowest level this year, giving it a market cap of over $1.7 billion.
The other coin that will see more tokens in the market is ApeCoin (APE). ApeCoin, which was created by the founders of Bored Ape Yacht Club (BAYC), will see tokens worth over $22 million unlocked on November 12. It has been one of the most active networks in terms of unlocks this year.
ApeCoin’s APE token has already jumped by more than 47% from the lowest point this year mostly because of the recent crypto bull run. Still, its fundamentals are quite weak because of the unlock schedule and the fact that NFTs are not doing well. Last week, OpenSea revealed that it was laying off hundreds of workers.
Avalanche (AVAX) is another crypto that will have a token unlock event this month. The developers will unlock tokens worth over $170 million on November 24th. Most of these tokens will go to strategic partners, foundation, team, and airdrop. Avalanche has already unlocked over 397 million AVAX tokens.
Read more: How to buy Avalanche.
Oasis Network will also unlock more ROSE tokens this month. The developers will release tokens worth over $34 million, representing over 1% of tokens in circulation. Other tokens to watch will be dYdX, SingularityNET, Flow, and GMX.
Token unlocks are common in the crypto industry because of how cryptocurrencies are funded. Typically, developers will come up with a vesting schedule, which will show when the new tokens will be unlocked.
Some cryptocurrencies hedge this dilution risk by implementing regular token burns. A token burn happens when they remove tokens from circulation.
