Gaming projects are set to unlock a total of $175 million in tokens within the next few weeks. This includes tokens from games like The Sandbox (SAND), Parallel (PRIME), and ApeCoin (APE). These unlocks have the potential to impact the market price of these tokens, making it important for traders to keep track of these developments.
The first unlock is expected to occur on Wednesday, with 205.59 million SAND tokens being unlocked. This represents about $99.2 million worth of SAND and accounts for around 9.2% of the current circulating supply. On February 16, 15.6 million ApeCoin tokens will be unlocked. This represents about $23.1 million worth of APE and only 2.6% of the circulating supply.
Starting from February 22, Immutable will begin a 28-day linear unlock of 1.22 million IMX tokens per day, totaling $3.66 million at the current price. This represents less than 1% of the circulating supply. On February 28, 1.66 million PRIME tokens will be unlocked, amounting to about $16.1 million.
Yield Guild Games has an unlock for its YGG token scheduled for February 27, with 16.69 million tokens unlocking. Lastly, Stepn will begin a 31-day unlock of GMT tokens on February 29, with about $25 million worth of tokens being unlocked in March.
Token unlocks occur when new tokens are minted and allocated over time to team members, development funds, and other purposes. Traders pay attention to these unlock dates as a large influx of tokens into the market can lead to selling pressure and potentially impact the token’s price.
Despite these upcoming unlocks, major gaming tokens have been performing well recently. IMX is up 33% in the past month, ApeCoin has seen an 11% gain, and PRIME is up 18%. It’s worth noting that other major tokens like Avalanche (AVAX), Aptos (APT), and Optimism (OP) also have significant unlocks scheduled for February.