Echelon Prime, a project centered around gaming and artificial intelligence, stands on the brink of a substantial token release scheduled for February 29, 2024. TokenUnlocks, a platform that monitors such events, has highlighted the potential influence this could have on the altcoin’s market value. Specifically, the unlock will involve 1.66 million PRIME tokens, which equates to approximately 4.89% of the cryptocurrency‘s existing circulating supply.
Massive PRIME Token Influx Imminent
The tokens, valued at $21.46 million, will significantly increase the total number of PRIME tokens in circulation. Investors and traders are keenly observing this upcoming release, assessing how it might affect the asset’s price dynamics. Notably, a portion of the tokens will be distributed to the Parallel Studios Reserve and to investors in Parallel Studios.
Market Anticipates Impact on PRIME Value
Currently, 30% of PRIME’s locked tokens have already been made available, with 12.43 million tokens poised for future release at unspecified dates, and the status of 35.23 million PRIME tokens yet to be determined. As February 29th looms closer, the market is witnessing an uptick in PRIME’s price, attributed to the broader market’s bullish trend. However, experts caution that the infusion of new tokens could lead to a price decline if the demand for PRIME does not rise accordingly.
In the context of the latest 24-hour trading data, PRIME has experienced a 3.33% growth, reaching a value of $14.92 per token, with an overall market capitalization of $507.1 million. This current surge in value may be short-lived, as the upcoming token unlock has the potential to exert downward pressure on the price, should the market not absorb the additional supply.