Notable token unlocks are seen as bearish and show an increase in total tokens in circulation, thus impacting the crypto market.
Historically, the higher the number of tokens, the more sellers there are than the buyers. Therefore, sellers have to sell cheaper, which causes the price to fall. CryptoRank.io highlights a ton of unlocks coming in March, including top tokens like HBAR, APE, and BIT.
Hedera Leads in Unlocking Volume
Hedera Network will unlock 3.14 billion HBAR tokens on March 1st, representing 6.28% of total supply. The total circulation on the platform is about 15 billion. Of this supply, approximately 50.61% is available, but 49.39% of tokens are still locked.
Notably, the token is currently at $0.0723, which translates to an unlocked value of $3.16 billion.
Apecoin and BitDAO followed closely
Apecoin will unlock 40.6 million APE representing 4.06% of total supply on March 17th. The platform has a total circulation of 368 million, with 61.7% available and the rest still locked.
The token is trading at $5.17 and the unlocked amount is worth $210 million. Notably, ApeCoin will continue to release tokens monthly until March 2026.
BitDAO plans to unlock 187.5 million tokens, representing 1.95% of its total supply, on March 15th. The total circulation is about 2.09 billion, of which 31.2% are locked. The token is $0.586 and the unlock event will be worth $109 million. BitDAO plans to continue unlocking tokens monthly until June 2024.
APT, DYDX, IMX, and ACA unlocks are also planned
Aptos (APTMore) will unlock 6.5 million tokens on March 12th. This is 0.45% of the token supply. The total circulation supply is 162.6 billion. From the supply, 85.2% of its total tokens are locked. The token is trading at $12.46, giving an unlocked value of $56.4 million.
Dxdy (DYDX) will perform the unlocking of 6.53 million tokens on March 14th. The total number of unlocked tokens is 70.3%. The token is trading at $2.77, translating to an unlocked value of $18.1 million.
ImmutableX’s token unlock is scheduled for March 25th, with 18 million tokens, representing 0.9% of its total supply of $17.2 million. The IMX token is trading at $0.952. Meanwhile, the tokens still unlocked are $54.1%.
Fudo Myoo Network We round out the list with 32.05 million tokens unlocked on March 1st. This is worth 3.21% based on the $0.14 token value. Tokens locked on the platform are 74.6% of the total number of tokens unlocked.