The cryptocurrency market is gearing up for a series of substantial token unlocks throughout June 2024, with several prominent projects set to release millions of dollars worth of tokens into circulation.
According to a tweet by analyst Alex Wacy, the largest token unlocks for the month include Arbitrum (ARB) at $106 million on June 16, Aptos (APT) at $105 million on June 12, Uniswap (UNI) at $91 million on June 16, and StarkNet (STRK) at $78 million on June 15.
Top Token Unlocks in June 2024
- Arbitrum (ARB) – $106 million on June 16
- Aptos (APT) – $105 million on June 12
- Uniswap (UNI) – $91 million on June 16
- StarkNet (STRK) – $78 million on June 15
- dYdX (DYDX) – $67 million on June 1
- Sei Network (SEI) – $65 million on June 15
- Immutable (IMX) – $57 million on June 14
- Merlin Chain (MERL) – $42 million on June 19
- Ethereum Name Service (ENS) – $38 million on June 8
- AltLayer (ALT) – $34 million on June 25
- Axelar (AXL) – $28 million on June 27
- Portal (PORTAL) – $26 million on June 29
- Manta Network (MANTA) – $25 million on June 18
- STEPN (GMT) – $24 million on June 9
- Limewire (LMWR) – $22 million on June 16
- Pixel (PIXEL) – $22 million on June 19
- ApeCoin (APE) – $20 million on June 17
- zkSync (ZK) – $20 million on June 19
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Show more +These token unlocks have the potential to impact the market dynamics and price action of the respective cryptocurrencies. As millions of dollars worth of tokens become available for trading, investors and traders will be closely monitoring the market’s reaction to these events.
These unlocks span a diverse range of projects, from decentralized exchanges and Layer 2 scaling solutions to non-fungible token (NFT) marketplaces and meme-inspired tokens.
Token unlocks can have both positive and negative effects on the market. On one hand, the release of tokens can increase liquidity and trading volume, potentially leading to increased price volatility. This can be particularly true for projects with strong fundamentals and growing adoption, as the increased supply may be met with robust demand.
On the other hand, token unlocks can also create selling pressure, as early investors and project team members may choose to liquidate their newly unlocked tokens.
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