$243+ Million in Token Unlocks: Here’s Why SUI, DYDX, and BEAM Could Dump This Week

 Key takeaways:

• Some of the most popular crypto projects are releasing over $240 million worth of previously locked tokens this week.
• SUI, DYDX, and BEAM are among the top three projects with the largest token unlocks, accounting for over 23.7% of the total amount.
• Token unlocks can affect the market dynamics of the projects as they increase the supply and create selling pressure

This week, three major crypto projects are set to unlock hundreds of millions of dollars worth of previously locked tokens, representing a significant portion of their total supplies. Here’s an overview of these impending unlocks and how they could impact prices. 

Over $240 Million in Unlocked Tokens Flooding the Market

Per data aggregated by TOP 7 ICO on the X platform, over $243 million worth of crypto tokens from these three projects alone will become liquid and enter circulation this week. This massive influx of new supply hitting the market concurrently could place downward pressure on the prices of these cryptocurrencies.

Top 7 Biggest Token Unlocks in the Next 7 Days

Monitoring of vested tokens and future unlock events is an important step to make more cautious and, in the end, better trading decisions. Let’s take a look at this and some other biggest unlocks coming in the next 7 days, including… pic.twitter.com/x0xW2x1d2r

— TOP 7 ICO | #StandWithUkraine?? (@top7ico) January 29, 2024

The top three tokens unlocks are:

• SUI: $96.2 million tokens worth, unlocking on Feb 3rd. This represents 0.66% of the current circulating supply.
• DYDX: $90.4million tokens worth, unlocking on Feb 1st. This represents 6.21% of the current circulating supply. 
• BEAM: $14.8 million tokens worth, unlocking on Feb 2nd. This represents a whopping 16.9% of the current circulating supply.

Together, these three unlocks account for about 82% of the $243 million-plus total value unlocking this week. Let’s take a closer look at why each could dump hard.

SUI

SUI is a new smart contract blockchain focused on scalability and interoperability. Backed by top crypto VCs, it has major promise but is still early-stage. 

The token has a total supply of 10 billion tokens, of which 1.1 billion are currently circulating. On February 3, 2024, SUI will unlock $96.2 million worth of its tokens, which is equivalent to 0.66% of the total supply.

SUI is currently trading around $1.55. With the 0.66% circulating supply increase, With such enormous new supply hitting the markets, significant downward price pressure is expected.

DYDX

DYDX is a leading decentralized exchange and

When 6.21%+ extra supply floods the markets in one day, extreme price declines are possible. At the current $2.79 price, a 50-60% dump could occur, with DYDX plummeting to around $1.05 – $1.31. 

DYDX traders should be cautious heading into the unlock, as the abrupt supply-side shock could lead to volatility and devaluation. Stop losses are recommended.

BEAM

BEAM also faces a similar circulating supply upset. On February 2nd, $14.8 million BEAM will unlock from the BEAM Foundation’s reserves. 

The unlock represents a whopping 16.9% of the current $234 million tokens in circulation, which is even higher than DYDX’s percentage.

With nearly 16.9% more coins suddenly available, prices could crater, and a 17% crash down is also possible. 

The bottom line

Of course, not every token facing upcoming unlocks is destined to fall. It’s always wise to do your own research on the project’s fundamentals and community strength before making assumptions. But for those trading more short-term timeframes, having unlock schedule data in your back pocket could help you pick your entries and exits more strategically.