NFT Exchange X2Y2 Announces "Hold" Ahead of 35 Million Token Unlock
NFT marketplace X2Y2 has declared that it will not sell any X2Y2 tokens during the upcoming unlock phase, leading to a slight increase in the token's price.
The unlock schedule will release over 35 million X2Y2 tokens to the market, including 12.5 million tokens for the fund and 25 million tokens for the project’s development team. The unlock is set to commence on April 26, 2023.
However, according to a Twitter announcement on February 3, the project has committed to holding onto its X2Y2 tokens, reaffirming its confidence in the future of the NFT marketplace.
🪙Regarding the Upcoming Token Unlock🪙
— X2Y2 (@the_x2y2) February 3, 2023
As many are aware, there will be a major token unlock that will take place in 24 hours. Specifically, 12.5M Treasury tokens and 25M Team tokens are set to be unlocked.
🧵 1/4
This “hold” commitment from X2Y2 appears to have reassured investors, leading to a roughly 12% increase in the X2Y2 token price immediately following the announcement.
With the market experiencing a significant rebound since the start of the year, X2Y2 is among the projects seeing impressive gains, up 250% over the past 30 days, rising from $0.05 to a peak of $0.23 before settling at $0.17.
X2Y2 Price Movement in the Last Month, screenshot from CoinMarketCap as of 12:20 PM on February 6, 2023
X2Y2 is not the first token to see a price increase ahead of an unlock event. The price of DYDX on the dYdX exchange surged nearly 130% from $1.5 to $3.6 following the announcement that the DYDX token unlock would be delayed from February 2023 to December 2023. The Sandbox (SAND) also saw a 90% increase since the beginning of the year ahead of its $270 million unlock.
Notable token unlocks in February include The Sandbox, expected to release 12.42% of its supply (372 million SAND) on February 14. BitDAO will unlock 187 million BIT on February 15, and Aptos will release $75 million worth of APT.
Other projects scheduled for unlocks include 1inch (1INCH), Moonbeam (GLMR), Tornado Cash (TORN), ApeCoin (APE), among others. Readers can find more details in Coin68’s article on 17 notable token unlocks in February 2023.
According to Token Unlock, approximately $102 billion worth of tokens are still awaiting unlock, with release schedules spanning over the coming years.
