The upcoming week in the crypto landscape is going to be super interesting as it is scheduled for a massive half-a-billion crypto unlock and the most awaited Bitcoin halving event. On April 12, 2024, an on-chain tokenomics insights firm, Token Unlock, made a post on X (previously Twitter) stating that between April 15 – 21, 2024, nearly $590 million worth of different tokens is going to unlock.
Which tokens are set to unlock in April 2024?
According to the post on X, crypto projects like Starknet, Arbitrum, DYDX, ApeCoin, Axie Infinity, Render, NYM, Manta Network, Immutable, and Pixel will unlock their tokens into the market. However, if we look at token unlock in detail, it is found that the:
Starknet crypto project is scheduled for April 15, 2024, where it will unlock 64 million STRK tokens worth $120 million, which is equivalent to 9% of the total circulating supply. On April 16, 2024, Arbitrum is scheduled to unlock a massive 92.6 million ARB tokens worth $136.19 million, which is equivalent to 3% of the total circulating supply.
Whereas, on April 17, 2024, crypto projects like Axie Infinity and Render are scheduled to unlock their tokens. According to the data, Axie Infinity is set to unlock a massive 10.9 million AXS tokens worth $105.3 million, which is equivalent to 8% of the total circulating supply. On the other hand, Render on the same day is set to unlock a massive 800K RNDR tokens worth $7.06 million, which is equivalent to 0.20% of the circulating supply.
However, the recently launched Manta Network and Pixel are also scheduled to unlock their tokens on April 18 and April 19, 2024. According to the data, MANTA will release 21.7 million of its tokens, which are worth more than $59 million. However, this massive token amount is 9% of the total circulating supply. Whereas, Pixels is set to unlock its tokens on April 19, 2024, and it will release nearly 55 million PIXEL tokens, which are worth more than $35 million, and it is 7% of its total circulating supply.
Will the Price fall after the token unlocks?
In the crypto industry, whenever a project releases restricted tokens into circulation, there is a possibility that a specific crypto project’s token price tends to fall.
But the current market situation is also challenging as top cryptocurrencies like Bitcoin, Ethereum, Solana, Ripple, Cardano, and many others have been continually struggling since March 15, 2024. However, there is an expectation that after the completion of the Bitcoin halving event, the overall cryptocurrency market will once again soar and experience a massive upside momentum.
