Major Token Unlocks Scheduled for November
November 2024 will see over $2.6 billion worth of locked tokens released into the market as the vesting periods for several major blockchain projects come to an end. According to data from Tokenomist, formerly known as Token Unlocks, these unlocks are expected to total approximately $2.68 billion, divided into two categories: $900 million through cliff unlocks and about $1.7 billion through linear unlocks.
Among the biggest projects unlocking tokens this month are Memecoin (MEME), Aptos (APT), Arbitrum (ARB), Avalanche (AVAX), and Optimism (OP).
Why Token Vesting Matters
Token vesting is a mechanism widely used in the crypto industry to prevent early investors and project teams from rapidly selling large quantities of tokens. This controlled release aims to reduce the risk of market volatility and help stabilize token prices over time. By gradually unlocking tokens, projects also aim to build trust and encourage long-term holding, which can promote healthier market conditions as the project matures.
Key Token Unlocks in November
Several notable token unlocks are set to take place in November:
1. Memecoin (MEME)
Memecoin will release 3.45 billion MEME tokens, valued at around $37.8 million, as part of an airdrop. In addition to this cliff unlock, Memecoin will initiate a linear release of approximately 10 million MEME tokens daily, worth about $117,000. The current price of MEME sits at $0.010, marking an 81% decline from its 2024 peak of $0.053.
2. Aptos (APT)
Aptos, a layer-1 blockchain, will release 11.31 million tokens worth approximately $93 million. Of this total, $32 million will be allocated to Aptos’ core contributors, $26 million to the community, $11 million to the foundation, and $23 million to investors. As of now, APT trades at around $8.24, which is 54% below its 2024 high of $18.14.
3. Avalanche (AVAX)
Avalanche is set to release 1.67 million AVAX tokens, valued at $39 million, which will be allocated to the Avalanche Foundation.
4. Optimism (OP)
Optimism, another prominent layer-2 scaling solution, will unlock 31.4 million OP tokens worth about $44 million, distributing these tokens to investors and core contributors.
Arbitrum Unlocks Additional Tokens
Ethereum layer-2 solution Arbitrum will release 92.65 million tokens, valued at roughly $45 million, allocated to its investors, team, and advisers. Earlier this year, on March 16, Arbitrum conducted a large-scale token unlock, releasing 1.1 billion tokens valued at approximately $2.32 billion at the time.
Following this significant release, ARB’s token price experienced a steady decline. Currently, ARB trades at about $0.48, reflecting a 79% drop from its all-time high of $2.39 on January 12, 2024.
#CryptoNews #TokenUnlock #Arbitrum #Aptos
#Memecoin #Avalanche #Optimism
#Blockchain #CryptoMarkets
#CryptoTrends