- Seven major token unlocks are scheduled for the coming week.
- June 1 dominates the unlock schedule with dYdX, 1inch, Axelar, and others set for release.
- Market impact remains uncertain, with potential for increased supply and price volatility.
Discover the potential market shifts as seven major token unlocks are set to release, possibly affecting supply and prices in the cryptocurrency landscape.
June 1 Dominates Unlock Schedule
June 1 is poised to be a significant day for the cryptocurrency market, with multiple token unlocks scheduled. The dYdX (DYDX) token unlock will see $67.77 million worth of digital assets entering circulation. Additionally, $30.78 million worth of 1inch (1INCH) tokens will be unlocked, adding 98.7 million tokens to the existing circulating supply of 1.15 billion 1INCH. Furthermore, 33.30 million Axelar (AXL) tokens, valued at $24.28 million, will also be unlocked on this day.
Market Impact and Volatility
Large-scale token unlocks often signal a bearish trend in the cryptocurrency market. The release of previously restricted assets into circulation increases supply, which can potentially lower prices. These unlocks typically involve distributing tokens to team members, organizations, and early investors, including venture capital firms. The influx of new tokens can lead to increased market volatility, as investors may choose to sell their newly unlocked assets.
Additional Token Unlocks
On May 29, Portal (PORTAL) will see the unlocking of 30.61 million tokens, valued at around $26.59 million. Additionally, on June 1, the digital asset community will witness the unlocking of 195.25 million Skale (SKL) tokens, worth approximately $17.30 million. Biconomy (BICO) will also release 28.88 million tokens, valued at $16.47 million, into circulation on the same day. Notably, 65.08 million Sui (SUI) tokens, worth $67 million, will be added to the circulating supply of 2.33 billion SUI on June 1.
Conclusion
The upcoming week is set to be a pivotal period for the cryptocurrency market, with seven major token unlocks scheduled. The influx of new tokens could lead to increased supply and potential price volatility. Investors and market participants should closely monitor these developments to gauge the impact on the market and make informed decisions. As always, staying informed and vigilant is key to navigating the dynamic world of cryptocurrencies.
