“Unlocking tokens” refers to the release of the tokens that were previously locked during the fundraising period. To minimize market pressure and a decline in token prices, projects meticulously plan these releases.
According to Bitget, here are the top 10 biggest token unlocks in the next seven days (July 16th – July 23rd).
Upcoming major #TokenUnlocks this week✨$ARB: $67.93M unlock amount & 2.87% of circulating supply$PIXEL 7.05% circulating supply with $10.75M unlock amount
Find out more 👇 pic.twitter.com/xmUAAThSnB
— Bitget (@bitgetglobal) July 16, 2024
Token Unlocks & Their Implications
Arbitrum (ARB) is currently considered to be one of the most extensively used Layer-2 solutions for Ethereum. The official launch of the mainnet was in August of 2021. Around $67.93 million worth of ARB tokens will be unlocked by Arbitrum on Wednesday, July 16th. These tokens will be distributed to the team, advisors, and investors. This is the biggest unlock of the week, followed by AXS and ApeCoin.
Secondly, on July 16, a total of $14.07 million worth of Axie Infinity (AXS) will be unlocked to distribute staking prizes, which will further encourage player participation. AXS token is the native token utilized by Axie Infinity for a variety of purposes, including the growth of the platform and governance. Axie Infinity is a popular Play-to-Earn blockchain game played by millions of players around the world.
Next, the ApeCoin (APE) is the native token of the Ape ecosystem. It is owned and operated by Yuga Labs. This ecosystem holds the well-known Bored Ape Yacht Club (BAYC) NFT collection. It will unlock an estimated $11.90 million worth of tokens on July 17 and then divide them among the treasury, the founders, the team, and the contributors.
Whenever there is a significant unlock, the price of APE experiences a reduction. Due to the fact that this event has the potential to influence the dynamics of the token significantly, investors and traders should pay attention to it.
The following tokens will follow the above three unlocks:
- NYM: $319.97k worth of tokens will be available to the market
- NEON: $738.88k worth of tokens, representing 3.07% of its circulating supply
- ARKM: $712.34k worth of tokens will be released on 18th July.
- MANTA: $5.90 million million worth of token release, the fifth biggest token release of the week
- EUL: $244.94k worth of tokens will be released on 18th July.
- PIXEL: $10.75 million worth of token release, the fourth biggest token release of the week
- ENA: $6.46 million worth of tokens will be released on 21st July.
The token unlocks will inspire team members, boost community participation, and support ecosystem expansion.