It turns out that Valentine's isn't the only thing going on in February.
A wave of token unlocks is set to occur in the cryptocurrency market, which may have a huge impact on project supply and pricing.
According to data from TokenUnlocks, in February, tokens worth more than $800 million will be unlocked, significantly affecting some of the most well-known and promising cryptocurrencies within the industry.
This one is the closest.
One of the first major token unlocks of the month will happen on Sunday, 11 February.
Aptos plans to distribute 7.32% of its entire token supply, which is worth about $24.82 million at the present exchange rate. As a result, the amount of APT in circulation will rise from 15.6% to 22.92%, an almost 50% increase.
According to data from CoinMarketCap, Aptos is bullish at the time of writing.
The cryptocurrency trades at around $9.12 and is up by around 2.63% over the last day.
According to data from CoinMarketCap, Aptos is facing some bearishness on its weekly timeframe and is even down by around 5% at the time of writing.
Data from TradingView also shows that Aptos only recently rebounded off the $8 support, and is making one of its first plays at breaking above $11.
If the upcoming token unlocks negatively affect prices, we might see Aptos exhibit further sluggishness.
However, Aptos just exhibited a bullish crossover on its MACD, so the bulls might just be able to absorb the impact.
The next big token unlock will occur on February 14, Valentine's Day.
9.19% of the Sandbox's total token supply, or around $96 million in SAND tokens at the current pricing, will be unlocked. As a result, the amount of SAND in circulation will more than double, from 8.81% to 18%.
According to data from CoinMarketCap, The Sandbox is bullish on most of its timeframes, painting a bullish picture for its bulls.
In the charts, $SAND is performing well, when it comes to rebounding off the ascending trendline shown above.
The cryptocurrency is attempting to break above its 50-day EMA, and just might be able to survive the upcoming token unlocks from what we can see.
Another upcoming token unlock is with Apecoin, on February 16.
The native cryptocurrency of the Bored Ape ecosystem, ApeCoin, will release 2.6% of its total token supply two days after The Sandbox does.
At the current rates, this translates to around $22 million worth of APE tokens. As a result, the amount of APE in circulation will rise from 25.4% to 28%, an increase of almost 10%.
At the time of writing, Apecoin is slightly bullish on most timeframes and appears to be holding its own well enough.
Just like SAND, we can see something similar with $APE.
APE is also attempting to break above its 50-day EMA and the $1.32 zone. The cryptocurrency might be able to take on very little damage from the token unlocks, from what we can see.
Avalanche and Optimism, two of the most innovative Ethereum L2 solutions, will be affected by the final two token unlocks of the month.
0.19% of Avalanche's total token supply, or around $338.4 million worth of AVAX tokens at the current pricing, will be released on February 21.
As a result, the amount of AVAX in circulation will rise from 51.4% to 54%, an increase of almost 5%.
This is a relatively small amount of tokens to be released, and we are bound to see very minimal price disruptions on AVAX.
Avalanche, as shown above, is super bullish over the last day and on several timeframes. This puts AVAX in a strong position to accommodate any price volatility spikes.
On February 28, Optimism will also release 0.25% of its total token supply, which equals about $82.87 million worth of OP tokens at the current price.
This will increase the circulating supply of OP by about 7%, from 36.48% to 39%.
According to the snapshot above from CoinMarketCap, Optimism is doing very well for itself on most timeframses, and is the strongest on the weekly interval.
In summary, the potential impact of the coming token unlock on Optimism in a few weeks, remains to be seen.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.