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Sizable Gaming Token Unlocks on the Horizon
Sizable chunks of tokens linked to various crypto games or gaming platforms are poised to enter the market in the upcoming weeks. According to data compiled by Token Unlocks, nearly $250 million worth of gaming tokens are scheduled to be unlocked by the end of March.
Unlocking of Gaming Tokens
Crypto projects commonly stash significant portions of their token supplies away years in advance. These tokens, earmarked for developers, investors, community funds, and other entities, are gradually unlocked over time. Traders and investors within the crypto space closely monitor these unlock schedules, as the sudden influx of tokens into the market can substantially impact their value.
- ApeCoin (APE) Unlock: The Ethereum-based token associated with the Bored Ape Yacht Club ecosystem, including the Otherside metaverse game, is set to unlock 15.6 million APE tokens on March 16. This amounts to approximately $38.2 million at the current market price and represents 2.55% of the circulating supply.
- PIXEL Token Unlock: Only a month after its inception, the PIXEL token from the Ronin farming game Pixels is scheduled for its first unlock post-token generation event. On March 19, 54.38 million PIXEL tokens will be unlocked, making up slightly over 7% of the circulating supply. This equates to $42.5 million in token value, with the token hitting a record high price over the preceding weekend.
- IMX Token Unlock: The IMX token belonging to the Ethereum gaming platform Immutable marks the most substantial gaming token unlock this March, with 34.19 million IMX tokens set to be unlocked on March 21. Valued at about $117.3 million based on the current price, this release constitutes slightly under 2.5% of the circulating supply. IMX also attained a two-year price high during the previous weekend.
Other Notable Unlocks
Other notable gaming token unlocks this month include the YGG token of Yield Guild Games, which will see 16.69 million tokens—approximately $15.9 million in value—unlocked on March 27. Additionally, the NFT card game Parallel is scheduled to unlock 1.66 million PRIME tokens on March 30, valued at $32.1 million amidst the token’s recent surge to a new all-time high price.
Finally, the move-to-earn game Stepn’s GMT token will initiate a 30-day linear unlock on March 31, with 3.32 million GMT tokens being released daily. This amounts to $1.23 million at the present rate.
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