Developers of an altcoin have recently initiated the process of unlocking locked tokens, as indicated by onchain data provided by Arkham. The unlocking procedure is being carried out by Space ID, a company that offers web3 domains and digital identities. The first unlocking event occurred today at 05:13 UTC+3, with the release of 26.667 million ID tokens from the Space ID Strategic Sale Unvested contract. This release is estimated to be valued at approximately $11.92 million. The Strategic Sale round involves 8% of the total token supply, which amounts to 160 million tokens. The unlocking will be conducted over the course of one year, followed by quarterly releases for the subsequent three years.
Space ID offers various services such as domain registrations, sales, and management for web3 top-level domains like .eth, .bnb, and .arb. Additionally, they provide a web3 name SDK and API service that integrates multiple web3 name services.
As of now, the ID token is trading at $0.4483, and it seems that the unlocking process has not yet created significant selling pressure.
*This article does not provide investment advice.
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