From ENS to OP, $3 Billion Token to be Unlocked Soon: Impact on Crypto Market
Journalist
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- Cryptocurrencies are preparing for major unlocks in July.
- Aptos and Optimism are well-known projects that will be significantly unlocked in July.
According to the latest data, the token unlocking events scheduled for July will release tokens worth about $3 billion into circulation. These unlocks, which involve several cryptocurrencies, are significant.
Simply put, they will increase the overall supply of the relevant assets and potentially impact the capitalization of the broader cryptocurrency market.
Upcoming Token Unlocks
According to a recent report from CryptoRank, the token unlock in July will release $3 billion into circulation.
AltLayer (ALT) is expected to have the largest unlock volume, with approximately 684 million ALT tokens worth over $122 million. These tokens will be unlocked on July 25.
These events can have both a positive and negative impact on 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 reputation or lead to greater volatility and caution from investors.
Important discoveries expected
An analysis of recent token unlocks has provided insight into several major events scheduled for the next seven days, the most notable of which are the Ethereum Naming Service (ENS) and 1 Inch.
The Ethereum Name Service is expected to unlock more than $7 million worth of tokens in about five days. This could impact the token market depending on how investors act after the unlock.
Additionally, 1INCH will unlock approximately $12,000 worth of tokens a day after the scheduled ENS unlock.
There are other major unlocks planned, with Aptos (APT), Optimisms (OP), Arbitrum (ARB), Worldcoin (WLD), and Red Sui (SUI) expected to unlock over $80 million worth of tokens, and Optimism expected to unlock over $73 million worth.
Uniswap (UNI) and Ronin are also among the projects whose major unlocks are worth over $70 million.
Current Market Trends
CoinMarketCap’s analysis of AMBCrypto shows positive momentum in the cryptocurrency market. The total market capitalization has grown by almost 4% in the last 24 hours, surpassing $2.3 trillion.
This increase in market capitalization indicates overall bullish sentiment and an influx of investment into various digital assets.
Source: CoinMarketCap.
Upcoming unlocking events could play a decisive role in further influencing market dynamics.
While these unlocks 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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