Top 3 TOKEN UNLOCKS to Watch This Week
Token unlocks, a crucial event in the cryptocurrency world, involves the release of tokens that were previously restricted under specific conditions. These unlocks are planned carefully by projects to minimize market disruption and prevent significant price drops. However, unexpected factors like low liquidity or early investor selling can still impact token dynamics. Heres a look at three major token unlocks happening next week that deserve attention.
1. Taiko (TAIKO) Unlock
Date: September 5
Tokens Unlocked: 12 million TAIKO
Current Circulating Supply: 76.1 million TAIKO
Taiko is a decentralized Layer-2 scaling solution for Ethereum, utilizing ZK-Rollup technology to enhance the network's efficiency. On September 5, Taiko will unlock 12 million TAIKO tokens, which accounts for 19% of its current circulating supply. These tokens will be distributed to participants in the Trailblazer program, potentially impacting the tokens market dynamics.
2. Immutable (IMX) Unlock
Date: September 6
Tokens Unlocked: 32.47 million IMX
Current Circulating Supply: 1.57 billion IMX
Immutable is a Layer-2 solution designed to scale NFTs on the Ethereum blockchain. After raising significant funds in previous rounds, Immutable will release 32.47 million IMX tokens on September 6. These tokens will be used to support the projects development and expand the broader Immutable ecosystem, potentially affecting its market position.
3. Mode (MODE) Unlock
Date: September 6
Tokens Unlocked: 500 million MODE
Current Circulating Supply: 1.3 billion MODE
Mode Network, a modular Layer-2 network focused on DeFi, is set to unlock 500 million MODE tokens on September 6, representing nearly 40% of its circulating supply. This significant unlock could lead to notable market reactions, despite no further unlocks being scheduled for the next six months. The community remains watchful, with some expressing concerns over the tokenomics of this project.
While token unlocks are often viewed as bearish events, they can be pivotal in driving long-term growth if strategically aligned with a project's milestones and development goals. Upcoming token unlocks like those of Taiko, Immutable, and Mode should be closely monitored, as they could influence both short-term market activity and long-term project success.
Read more: https://cryptoticker.io/en/top-token-unlocks-september-2024
Text source: CryptoTicker
