Token unlocking is the release of tokens that were previously blocked according to fundraising conditions. The project schedules these releases carefully to avoid market pressure and prevent token price declines.
However, factors such as lack of liquidity or profit-taking by early investors can have a significant impact on the dynamics of an asset. Here are four major token unlocks to watch out for next week.
Ape Coin (APE)
- Unlock date: June 17th
- Number of tokens unlocked: 15.6 million APE
- Current Circulation: 627.8 million APE
ApeCoin is the native token of the Yuga Labs Ape ecosystem, which includes the popular Bored Ape Yacht Club (BAYC) NFT collection. On June 17th, the project will unlock over 15 million coins and distribute them to the Treasury, founders, team, and contributors.
Typically, APE experiences a price decline after a large unlock. However, given the renewed interest in non-fungible tokens in general, and BAYC in particular, the price drop may not be significant.
READ MORE: Borrod Ape Yacht Club Description : What is BAYC?
MANTA
- Unlock date: June 18th
- Number of tokens unlocked: 6.67 million MANTA
- Current circulation: 325.3 million MANTA
Manta Network is a modular blockchain that leverages privacy for DeFi applications using zk-SNARK technology to enable private transactions and interactions. Two networks are included:
- Manta Pacific is a modular L2 ecosystem for EVM native ZK applications and dApps that aim to deliver the lowest cost and best user experience.
- Manta Atlantic is the fastest L1 blockchain on Polkadot, offering programmable ZK identity and on-chain credentials through zkSBT.
On June 18, MANTA's circulating supply will increase to 6.67 million tokens. Newly unlocked tokens will be allocated to public sale participants.
Read more: Layer 2 Cryptocurrency Projects in 2024 : Top Recommended Projects
PIXEL
- Unlock date: June 19th
- Number of unlocked tokens: 54.38 million pixels
- Current circulation: 771 million pixels
Pixel is a multiplayer game on the Ronin blockchain that utilizes Pixel tokens for in-game currency and community governance. Pixel holders can mint non-fungible tokens, purchase items and VIP passes, join guilds, and vote on project development.
On June 19th, 54 million Pixel tokens will be distributed and distributed to advisors, project treasury, and ecosystem rewards.
Read more: 11 free games you can play that cost real money
Space ID (ID)
- Unlock date: June 22nd
- Number of unlocked tokens: 78.5 million IDs
- Current Circulation: 430 million IDs
Space ID is a universal decentralized identity protocol that connects people, assets, and dApps across multiple blockchains. This allows users to use a single domain name to represent their identity across a variety of applications and networks.
On June 22nd, the project will unlock more than 78 million ID tokens and distribute them to the Space ID Foundation and several sale round participants.
Read more: Decentralized Identity and the Future of Web3: What You Need to Know
Other tokens to be unlocked next week include Nym (NYM), Cadena (KDA), Euler (EUL), and PENDLE, with a total value of over $170 million. Although many people consider token unlocks to be bearish, a well-planned schedule can strengthen the long-term viability of a project. Aligning unlocks with milestones and development progress can help motivate your team, encourage community engagement, and foster ecosystem growth.
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