When a crypto token unlocks, it often introduces uncertainty and apprehension in the market. It signifies the release of previously restricted tokens into broader circulation. This event is commonly perceived as bearish for asset prices within the cryptocurrency ecosystem.
One primary consequence of token unlocks is the immediate increase in the supply of the cryptocurrency in question. As these unlocked tokens become available for trading, they enter the open market and contribute to an augmented circulating supply. This influx of tokens can lead to an imbalance between supply and demand, tilting the scales in favor of increased selling pressure. Traders and investors, aware of the heightened supply, may be inclined to sell their holdings, fearing a potential dilution of value.
Upcoming GMX Token Unlocks Event
GMX is a decentralized exchange (DEX). It lets you trade perpetual cryptocurrency futures. You can use up to 50X leverage. The popular cryptocurrencies include BTC and ETH. GMX runs on the Arbitrum and Avalanche blockchains. These are connected to the exchange through Synapse, a cross-chain bridge.
At the time of writing, the GMX token is priced at $47.13. GMX’s upcoming token launch is on 09 Nov 2023. This release will introduce 416.67 GMX tokens worth $19.62k into the market. These GMX tokens represent 3.33% of the circulating supply of GMX, i.e., 9,178,099 GMX tokens.
The previous unlock event occurred on 09 Oct 2023. The event unlocked 403.23 GMX tokens worth $18.99k. Since the last unlock event, the price of GMX rose almost 20%, as shown in the graph below.
Upcoming 1inch Token Launch Event – Nov 9, 2023
The 1inch Network joins different money systems on the internet to help people make more money easily and quickly in the DeFi space.
The first thing in the 1inch Network is a tool that brings together deals from many places where you can buy and sell digital money. This tool helps users get better rates than just using one place. The 1inch Aggregation Protocol uses a smart way to find the best paths among more than 300 places where you can trade on 10 different chains, like Ethereum, BNB Chain, Polygon, Avalanche, Optimistic Ethereum, Arbitrum, Fantom, Gnosis Chain, Klaytn, and Aurora.
Currently, the 1inch token is priced at $0.3384. 1inch’s upcoming token launch event will occur on 09 Nov 2023. This event will release 15.00 1inch token worth %5.11k. As far as the total unlock progress is concerned, the total locked 1inch tokens are 302.23m, i.e., 20.15% while the unlocked 1inch tokens are 1.09b, i.e., 72.39%. Meanwhile, there are about 111.94m 1inch tokens, i.e., 7.40% that are untracked. The total supply is 1,500,000,000 1INCH tokens with circulatory supply of 1,044,011,134 1INCH tokens.
The previous unlock event occurred on 05 Nov 2023. This release event unlocked 21.43k 1inch tokens worth $7.30k. The graph below highlights that before the previous event the token price was around $0.2883 while after the event. But after the previous token unlocks event, the price went noticeably high.
Unlocking Value: The Role of Token Releases in Crypto
Looking ahead, both GMX and the 1inch Network present interesting opportunities in the crypto space. GMX, with its decentralized exchange offering leveraged crypto futures, is gearing up for a token launch on November 9, 2023. The introduction of new tokens into circulation might influence the market, as seen in the previous 20% price increase after GMX’s last unlock event.
Similarly, the 1inch Network, designed to streamline trading across different chains, is set to release more tokens on the same day. With a track record of price surges following unlock events, investors may want to keep an eye on potential opportunities.
The dynamic nature of these platforms and the crypto market suggests that upcoming token launches and unlock events could impact prices and trading conditions. For those looking to navigate the crypto landscape, staying informed about these developments may prove valuable in making informed decisions and capitalizing on potential market movements.
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