- Over $800 million in crypto tokens will be unlocked in June.
- Four specific cryptocurrencies could be impacted: Arbitrum (ARB), Aptos (APT), Starknet (STRK), and Optimism (OP).
- Past token unlocks for these projects had mixed outcomes without significant price drops.
- The release of these tokens could alter supply and demand, potentially influencing their prices.
As we step into a new month, June 2024 brings with it a wealth of fresh opportunities and strategies in the cryptocurrency market. Notably, this period is marked by an anticipated surge of token unlocks across various cryptocurrencies.
In the coming 30 days, the market will witness the release of over $800 million worth of tokens from multiple cryptocurrencies. Each of these unlock events presents its own unique set of risks and opportunities for investors.
This section will delve into four prominent cryptocurrencies undergoing significant token unlocks this month. We'll explore the quantities of tokens being released, their historical reactions to previous unlocks, and potential market movements this time around.
1. Arbitrum (ARB)
Arbitrum is set to unlock 92.65 million ARB tokens, valued at approximately $105.6 million, on June 16. These tokens will be allocated to the Arbitrum team and advisers. Historically, Arbitrum experienced a price rally of about 10% just before its last token unlock on May 21, 2024, when 497,000 ARB tokens were released. Currently, Arbitrum is trading around the $1.164 level, with potential for a rebound as long as it maintains this support level without closing below it.
2. Aptos (APT)
Aptos is scheduled for a token unlock on June 12, releasing 11.1 million APT tokens worth $102.6 million. These tokens are allocated among the Foundation ($12.1 million), Community ($29.1 million), Core Contributors ($35.9 million), and Investors ($25.5 million). The last Aptos unlock on May 12 released $11.31 million worth of APT tokens, leading to a minor dip followed by a recovery. Aptos' price could continue its upward trend unless this new unlock causes it to fall below the $8.86 support level.
3. Starknet (STRK)
Starknet will release 64 million STRK tokens, valued at $78 million, on June 15. These tokens are designated for early contributors. Starknet's previous unlock on May 15, 2024, had little impact on its price, likely due to its status as a newer entrant in the market and the fact that only 8.4% of its total supply has been released so far. Starknet appears to be a relatively safe entry point unless it breaks below the $1 level.
4. Optimism (OP)
Optimism is planning to unlock 31.34 million OP tokens, worth around $78 million, on June 29. The previous token unlock on May 31, 2024, had minimal impact on its price. Optimism remains an attractive investment, as long as it holds above the $2.45 support level, with potential to retest the $3 resistance before further gains.
Other notable unlocks this month include Galxe ($7 million), Ethena ($48 million), and Immutable X ($57.19 million). As these tokens are released, investors can expect shifts in supply and demand dynamics, influencing prices accordingly.
Disclaimer: Voice of Crypto strives to provide accurate and up-to-date information. However, it is not responsible for any missing facts or inaccuracies. Cryptocurrencies are highly volatile assets, so it is crucial to conduct thorough research and make informed financial decisions.
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