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Over $27M in Token Unlocks This Week Could Sink Prices Further

2 mins
Updated by Kyle Baird
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In Brief

  • Over $27.5 million worth of tokens from various crypto and DeFi projects are set to be unlocked this week.
  • The largest unlock is Axie Infinity AXS with 3.43 million tokens, valued at $22 million, expected to flood the market.
  • Other significant token unlocks include SPACE ID's 15 million ID tokens and X2Y2 NFT marketplace's 37.5 million tokens.
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This week will see a large swathe of token unlocks from various crypto and DeFi projects and networks. Usually, these unlock events put downward pressure on token prices. 

More than $27.5 million worth of tokens are set to be unlocked this week, according to Altcoins are already in retreat from last week’s Ripple-induced rally and this could send some of them further down. 

Token Unlocks Galore

On July 18, the platform reported that millions of dollars worth of crypto tokens were about to be released in cliff unlocks.

The largest of which is the Axie Infinity AXS unlock on July 22. This will see 3.43 million AXS tokens, or 3% of the circulating supply, flood the market. Furthermore, the massive token tranche is valued at a whopping $22 million.

However, this huge release isn’t as large as the one in April when 18.9 million AXS tokens were unlocked. In the week surrounding the event, AXS dumped 17%, so prices are expected to dip a little this time.

AXS had dropped 1.2% on the day to $6.34 at the time of writing and was down a whopping 96% from its all-time high.

Token unlocks this week. Source: Twitter/@Token_Unlocks
Token unlocks this week. Source: Twitter/@Token_Unlocks

Digital identity platform SPACE ID is set to release more than 15 million ID tokens on July 22. These are valued at around $4 million and represent 5.3% of the circulating supply. ID has dropped 10% over the past fortnight, and further losses are expected. 

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On July 18, the X2Y2 NFT marketplace releases 37.5 million coins worth just under $1 million, representing almost 13% of its circulating supply. Its token of the same name is already down 6% over the past 12 hours or so.

Other smaller releases this week include Euler (EUL), Cartesi (CTSI), and 1inch (1INCH). 

Arkham ARKM Sale Commences 

The big token sale of the week is Arkham’s ARKM on the Binance Launchpad which opened for subscriptions on July 17.

The controversial blockchain intelligence marketplace is selling 150 million tokens to BNB stakers on Binance.

Binance capped the transaction price for the first five minutes at 10 times the public sale price. This means that ARKM prices cannot exceed $0.50 initially. 

Arkham came under fire recently for data harvesting and was labeled a “snitch-to-earn” platform by some in the crypto community.

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...