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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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.
Read more: Top Crypto Analyst Reveals Altcoin Picks for the Next Generation of Millionaires: Metis and Kaspa (KAS) Make the List
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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The post Top Cryptocurrency Unlocks in June: Arbitrum (ARB) and Aptos (APT) Lead the Pack appeared first on CaptainAltcoin.
