Crypto Love: Navigating Token Unlocks & Market Pressure on Valentine's Day
Feb 14, 2024
As planned token unlocks loom, the cryptocurrency market braces for potential selling pressure with a combined $125 million worth of tokens set to be released. Key projects such as Sandbox (SAND) and ApeCoin (APE) are expected to be affected, with $95 million worth of SAND scheduled for release on Wednesday and nearly $25 million of APE on Friday. Token unlocks signify the release of previously restricted tokens into the market, potentially increasing selling pressure if demand fails to match supply. SAND's unlock represents 10% of its total supply, bringing the circulating supply to almost 90%, while APE's unlock accounts for just over 2.5% of its circulating supply. Despite this, SAND prices have seen a 2.3% decline in the past 24 hours, contrasting with a 1.6% increase in APE prices.
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