The prices of some digital assets could be impacted in the remainder of March by the entry into the market of a massive amount of tokens that remained blocked by their issuers. By simple law of supply and demand, the entry of more tokens into circulation tends to be a bearish fact for the price of a financial asset. The highest valued token unlock that will take place in March is Space ID, a naming services network with a comprehensive identity platform to discover, register, market and manage web3 domains. 78 million IDs, its governance token, valued at $135 million, will be released from this network. Unlocking will take place on March 21 and will be distributed among the team behind the network, the foundation, advisors and an airdrop to its community, as indicated by Token Unlocks. This is followed by the unlocking of DYDX tokens from the dydx network. The network will unlock 33 million tokens valued at the current price of the asset at 119 million dollars. This will take place on March 31. 18 million DYDX will be distributed among investors; 36 million will be for founders, employees and advisors; and finally, future employees will get 16 million tokens. The Immutable Delivery will take place on March 21. Among other unlocks are those of Manta Network, a privacy-focused network that will unlock your MANTA tokens valued at 42 million dollars on March 31.
In total, the sum of all the tokens that will be released to the market (some that are not detailed in this publication are included because they are smaller figures) from now until the end of March amounts to about 500 million dollars. BitcoinDynamic has explained that when a substantial amount of tokens or cryptocurrencies are unlocked, investors who receive them could sell them, perhaps to take profits, which puts downward pressure on prices, at least temporarily. At other times, out of fear that this will happen, there was selling pressure in the market in the approximation of the unlocking dates. For example, in the case of ID which will be released the day after tomorrow, its price fell 1.5% in the last 24 hours, as seen on the TradingView chart. In any case, prices also point to a decline as a result of the drop in the price of bitcoin (BTC), which impacts the rest of the market. The digital currency fell from $68,000 to $64,000.