In the short - term, a large - scale token unlocking can increase the supply of the cryptocurrency in the market, putting downward pressure on the price. If the market is not able to absorb this increased supply quickly, the price may experience a significant drop. In the long - term, it depends on the project's fundamentals. If the project is still growing and has strong use - cases, the impact may be mitigated over time. Investors should check the token unlocking schedule in advance. They can also analyze the project's development progress and market demand for the tokens. If a token unlocking is expected and the project's fundamentals are weak, investors may consider reducing their positions before the unlocking event.