Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.
However, factors like lack of liquidity or early investor profit-taking can significantly impact an asset’s dynamics. Here are four major token unlocks to watch next week.
ApeCoin (APE)
- Unlock date: June 17
- Number of tokens unlocked: 15,6 million APE
- Current circulating supply: 627,8 million APE
ApeCoin is the native token of Yuga Labs’ Ape ecosystem, which includes the popular Bored Ape Yacht Club (BAYC) NFT collection. On June 17, the project will unlock over 15 million coins and distribute them among the treasury, founders, team, and contributors.
Typically, APE experiences a price drop following large unlocks. However, the decline may be less significant due to the renewed interest in non-fungible tokens in general and BAYC in particular.
Read more: Bored Ape Yacht Club Explained: What Is BAYC?
Manta (MANTA)
- Unlock date: June 18
- Number of tokens unlocked: 6.67 million MANTA
- Current circulating supply: 325.3 million MANTA
Manta Network is a modular blockchain that leverages privacy for DeFi applications using zk-SNARK technology to enable private transactions and interactions. It includes two networks:
- Manta Pacific is a modular L2 ecosystem for EVM-native ZK applications and dApps that want to provide the lowest cost and best user experience possible.
- Manta Atlantic is the fastest L1 blockchain on Polkadot that provides programmable ZK identities and on-chain credentials via zkSBTs.
On June 18, the circulating supply of MANTA will increase by 6.67 million tokens. These newly unlocked tokens will be allocated to the public sale participants.
Read more: Layer-2 Crypto Projects for 2024: The Top Picks
Pixels (PIXEL)
- Unlock date: June 19
- Number of tokens unlocked: 54.38 million PIXEL
- Current circulating supply: 771 million PIXEL
Pixels is a multiplayer game on the Ronin blockchain, utilizing the PIXEL token as its in-game currency and for community governance. Holders of PIXEL can mint NFTs, purchase items and VIP passes, join guilds, and vote on project developments.
On June 19, 54 million PIXEL tokens will be released into circulation and distributed among advisors, the project’s treasury, and ecosystem rewards.
Read more: 11 Free Games That Pay Real Money for Playing
Space ID (ID)
- Unlock date: June 22
- Number of tokens unlocked: 78.5 million ID
- Current circulating supply: 430 million ID
Space ID is a universal decentralized identity protocol that connects people, assets, and dApps across various blockchains. It allows users to use a single domain name to represent their identity across different applications and networks.
On June 22, the project will unlock over 78 million ID tokens and allocate them between the Space ID Foundation and several sale round participants.
Read more: Decentralized Identity and the Future of Web3: What To Know
Other next-week unlocks include Nym (NYM), Kadena (KDA), Euler (EUL), and Pendle (PENDLE), with a total value exceeding $170 million. Although many consider token unlocks bearish, a well-planned schedule can strengthen a project’s long-term viability. Aligned with milestones and development progress, unlocks will motivate team members, boost community engagement, and promote ecosystem growth.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
