Upcoming Token Unlocks Could Play a Decisive Role in Further Influencing Market Dynamics: Here Are the Details
- PHPzOriginal
- 2024-07-11 16:50:30805browse
According to the latest data, the token unlocking events scheduled for July will release tokens worth about $3 billion into circulation.
Fresh data reveals that token unlocking events lined up for July will release tokens worth around $3 billion into circulation. These unlocks, involving several cryptocurrencies, are substantial and will notably impact the market.
In essence, they will increase the total supply of the respective assets and potentially influence the capitalization of the broader cryptocurrency market.
Upcoming Token Unlocks
An analysis by CryptoRank recently revealed that the token unlock in July will release $3 billion into circulation.
Out of these, AltLayer (ALT) is expected to have the largest unlock volume, with approximately 684 million ALT tokens, valued at over $122 million. These tokens will be unlocked on July 25.
These events can positively or negatively impact the token price dynamics, depending on the market absorption capacity and the general sentiment at the time of unlocking.
Additionally, depending on the market reaction, this could improve the token’s popularity or lead to greater volatility and caution from investors.
Major Unlocks Next Week
An analysis of upcoming token unlocks has revealed several major events lined up for the next seven days, notably Ethereum Naming Service (ENS) and 1 Inch.
The Ethereum Name Service is expected to unlock tokens valued at over $7 million in about five days. This event could influence the token market depending on how investors react post-unlock.
Moreover, 1INCH will unlock approximately $12,000 worth of tokens a day after the scheduled ENS unlock.
Among other major unlocks, Aptos (APT), Optimisms (OP), Arbitrum (ARB), Worldcoin (WLD), and Red Sui (SUI) are expected to unlock tokens collectively valued at over $80 million, while Optimism is expected to unlock over $73 million worth.
Uniswap (UNI) and Ronin are also among the projects with major unlocks, with tokens valued at over $70 million.
Present Market Trends
An analysis by CoinMarketCap, as reported by AMBCrypto, reveals positive momentum in the cryptocurrency market. The total market capitalization has increased by almost 4% in the last 24 hours, crossing $2.3 trillion.
This surge in market capitalization indicates overall bullish sentiment and an influx of investment into various digital assets.
The upcoming unlocking events could play a crucial role in further influencing market dynamics.
While these unlocks will increase the circulating supply of the corresponding tokens, the actual impact on market cap will largely depend on how the prices of these unlocked tokens react once they become available for trading.
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