June 5, 2024
Crypto Token Unlocks June 2024
Latest Cryptocurrency News

$875M in Crypto Tokens Set for June Release

$875 Million in Crypto Tokens Set to Flood the Market in June

Locked cryptocurrencies worth nearly $875 million are about to enter the crypto market in June as token vesting periods for over 30 blockchain-based projects come to an end.

Key Projects Unlocking Tokens

According to data tracker Token Unlocks, some of the largest token releases in June 2024 will involve Aptos, Arbitrum (ARB), Starknet (STRK), and Sui (SUI). Crypto vesting, a common practice in the industry, prevents project team members or early investors from selling their tokens prematurely. By locking tokens for a set period, vesting aims to protect the market from sudden price drops caused by large-scale sell-offs.

June’s Largest Token Unlocks

The Ethereum layer-2 network, Arbitrum, will unlock 92.65 million ARB tokens worth $105.6 million on June 16. Of these, $64 million in tokens are allocated to the project’s team and advisers, while $41.6 million will be released to investors. Back in March, Arbitrum released 1.1 billion ARB tokens valued at $2.32 billion, which led to a significant price drop of over 50%.

The layer-1 blockchain project Aptos is set to release 11.1 million APT tokens worth $102.6 million. Scheduled for June 12, the network will unlock $12.1 million in tokens for its foundation, $29.1 million for its community, $35.9 million for core contributors, and $25.5 million for investors.

Following these significant unlocks, the zero-knowledge proofs project Starknet will release 64 million STRK tokens worth $78 million on June 15, targeting early contributors and investors. Similarly, Optimism will unlock another 31.34 million OP tokens, valued at about $78 million, for its core contributors and investors, continuing the trend from May 31, when a similar amount was released.

Additional Token Releases

On June 1, the layer-1 blockchain platform Sui will unlock 65 million tokens worth $66 million. These tokens will be distributed among Series A and Series B investors, early contributors, the Mysten Labs treasury, and the community reserve. In May, Sui had already released about $1 billion in crypto tokens.

Impact on the Crypto Market

The unlocking of $875 million in crypto tokens in June is a significant event for the crypto market. As these tokens become available, market participants will be closely watching for potential price fluctuations. The controlled release through vesting aims to mitigate sharp declines, ensuring a more stable market environment. However, the influx of such a substantial amount of tokens could still create volatility, impacting prices across various projects.

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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