- Major gaming tokens like SAND, APE, and IMX face sizable unlocks totaling $175 million in February.
• These unlocks typically go to team members, community funds, and development.
•Despite upcoming unlocks, some gaming tokens see strong gains (IMX +33%, APE +11%).
Several major gaming tokens are poised for significant unlocks in the coming weeks, totaling roughly $175 million. This could impact their market prices.
Large Unlocks Ahead for Sandbox, ApeCoin, Immutable, and More
The Sandbox (SAND) leads the pack with a $99.2 million unlock on February 15th, representing 9.2% of its circulating supply.
ApeCoin (APE) follows on February 16th with a $23.1 million unlock, while Immutable (IMX) will gradually release $29.3 million worth of tokens throughout February.
Other unlocks include Parallel’s PRIME ($16.1 million) and Yield Guild Games’ YGG ($7.89 million). Finally, Stepn’s GMT token sees a $25 million unlock in March, starting with $833,000 on February 29th.
What are Token Unlocks and Why Do They Matter?
When new tokens are created, there’s a schedule for releasing them over time. These “unlocks” can go to team members, community funds, and development efforts.
While intended to gradually increase supply, large unlocks can signal potential sell pressure, impacting the token’s price.
Gains Despite Upcoming Unlocks
Despite these unlocks, many gaming tokens are experiencing positive momentum.
IMX, for instance, surged 33% this month and hit a two-year high. ApeCoin and PRIME also saw double-digit gains.
This suggests optimism surrounding the tokens and the broader gaming space.
It’s worth noting that major unlocks aren’t limited to gaming tokens. Avalanche (AVAX), Aptos (APT), and Optimism (OP) also have significant releases this month, as reported by Decrypt.
With token unlocks potentially affecting prices, staying informed is crucial for anyone involved in the crypto gaming space.
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