There are several crypto projects set to release millions of dollars worth of tokens into circulation. As per yesterday’s tweet by Coin Post, the top 10 upcoming token unlocks this month are expected to have a an impact on the market dynamics and price action of the respective cryptocurrencies.
Top 10 Token Unlocks in June
Arbitrum (ARB) – $105.21M
Aptos (APT) – $103.03M
Uniswap (UNI) – $87.93M
StarkNet (STRK) – $75.67M
dYdX (DYDX) – $66.30M
Sei Network (SEI) – $63.81M
Space ID (ID) – $55.82M
Immutable (IMX) – $54.96M
Merlin (MERL) – $42.21M
Ethereum Name Service (ENS) – $36.65M
The unlocks span a diverse range of projects, from Layer 2 scaling solutions like Arbitrum and StarkNet to exchanges such as Uniswap and dYdX. Other notable projects include Aptos, a scalable Layer 1 blockchain, and Immutable, a platform for creating and trading NFTs.
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.
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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. This increased supply can lead to a temporary price decrease, especially if the market sentiment is not strong enough to absorb the additional tokens.
Also read: Top 10 Low Cap Cryptocurrencies with 1000x Potential For 2024
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