- Seven major token unlocks scheduled for the coming week
- June 1 Dominates Unlock Schedule: dYdX, 1inch, Axelar, and others set for release
- Market Impact Uncertain: Potential for increased supply and price volatility
Large-scale token unlocks in the cryptocurrency market often signal a bearish trend, as they release previously restricted assets into circulation, increasing supply and potentially lowering prices. These unlocks typically involve distributing tokens to team members, organizations, and early investors, including venture capital firms.
In the coming week, seven token unlocks are scheduled, potentially impacting the market. The first is the dYdX (DYDX) token unlock scheduled for June 1, where $67.77 million worth of digital assets will enter circulation.
Also on June 1, $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. Additionally, on May 29, Portal (PORTAL) will see the unlocking of 30.61 million tokens (3.06% of total supply), valued at around $26.59 million.
Furthermore, 33.30 million Axelar (AXL) tokens (3.33% of max supply) will be unlocked on June 1, with an estimated value of $24.28 million. The same day, the digital asset community will witness the unlocking of 195.25 million Skale (SKL) tokens, worth approximately $17.30 million.
It seems like June 1 is the day of multiple token unlocks, with 28.88 million Biconomy (BICO) tokens worth $16.47 million being released into circulation. It’s noteworthy that 65.08 million Sui (SUI) tokens, worth $67 million, will be added to the circulating supply of 2.33 billion SUI on June 1.
Finally, on June 2, 37.41 million Orbler (ORBR) tokens will be released, with a total value of $14.73 million.
The following is a summary of the upcoming token unlocks along with tentative datelines, highlighting the impact on the cryptocurrency market:
- May 29: Portal (PORTAL) – $26.59 million
- June 1: dYdX (DYDX) – $67.77 million
- June 1: 1inch (1INCH) – $30.78 million
- June 1: Axelar (AXL) – $24.28 million
- June 1: Skale (SKL) – $17.30 million
- June 1: Biconomy (BICO) – $16.47 million
- June 1: Sui (SUI) – $67 million
- June 2: Orbler (ORBR) – $14.73 million
While the cryptocurrency market is already in a corrective phase, the influx of billions of dollars worth of new tokens could further hinder any significant recovery.
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