The future of the cryptocurrency market may be determined by significant token unlocks set to commence on October 21, 2024. These upcoming events will unlock a substantial number of tokens from notable projects such as Guild of Guardians, Moonwell, Ronin, and Yield Guild. The unlocking of tokens can have a significant impact on market liquidity and cause fluctuations in prices.
Understanding Token Unlocks and Market Dynamics
Token unlocking refers to the release of previously locked tokens into the market for trading. This release affects the number of available tokens in the market, thus influencing market dynamics. Investors closely monitor these events as they can indicate changes in supply and demand trends, providing potential buying and selling opportunities.
Highlights of the Upcoming Unlocks: Moonwell, UNKJD & More
The token unlock begins with Guild of Guardians (GOG) on October 21. This event will release 6.98 million tokens worth $237,520, accounting for 0.70% of the total tokens. While this unlock may not be as significant compared to previous ones, it can still cause short-term price fluctuations based on the behavior of token holders.
On October 23, Moonwell (WELL) plans to launch 37 million tokens valued at $2.26 million. This unlock represents 0.74% of the total supply of Moonwell tokens. As a DeFi-oriented protocol addressing DeFi-related solutions, the release of additional WELL tokens may have a significant impact on liquidity pools and trading volumes, potentially introducing new dynamics to the DeFi market.
The UNKJD project will unlock 9.03 million MBS tokens, accounting for 0.90% of the total tokens with an estimated value of $193.31K. This unlock has the potential to significantly alter the flow of funds within MBS and stimulate the market.
Space ID is set to unlock 18.49 million ID tokens on October 22, equivalent to 0.93% of the total supply valued at $7.70 million. ZKLink (ZKL) will release 11.65 million ZKL tokens, accounting for 1.17% of the total ZKL token quantity, with a value of $1.58 million on the same day. As a zero-knowledge technology project, ZKLink may attract those interested in privacy-scaling solutions provided by ZKLink tokens.
Significant Unlocks in Late October
The last week of October will witness the most significant token unlocks of the month. On October 24, Blocklords (LRDS) will unlock 2.02 million LRDS tokens, representing 2.02% of the project’s total supply, with a value of $1.27 million. On the following day, Roadworks (RAD) will unlock 1.56 million RAD tokens, accounting for 1.56% of the total supply, with a value of $1.86 million.
Yield Guild (YGG) is another major project scheduled for an unlock on October 27. This event will release 11.49 million tokens valued at approximately $6.16 million. Yield Guild, known for its participation in play-to-earn games, may experience market movements as these tokens enter circulation.
Another notable token unlock is Ronin, which involves the release of 34.67 million RON tokens, accounting for 3.47% of the token’s total supply. These tokens are valued at approximately $59.78 million. Ronin has played a crucial role in enabling gaming transactions on the Ethereum blockchain and may face potential price pressure due to the scale of this release. The market should be prepared for short-term fluctuations in token prices when these new token unlocks occur. Understanding the process behind each token unlock is essential for predicting future shifts in the market.
