TL;DR
- In July, over $110 million in tokens will be unlocked, which could impact prices and dynamics in the cryptocurrency market.
- AltLayer (ALT) will unlock over 684 million tokens on July 25, representing 42% of its total supply, which could negatively affect its price.
- Ethena (ENA) and AGIX will unlock tokens on July 28, with Ethena releasing 14.89 million tokens and AGIX 8.45 million, representing 0.87% and 1.33% of the circulating supply, respectively.
The crypto market is set to experience a wave of token unlocks, with several projects releasing over $110 million worth of tokens in July. This event has drawn significant attention from investors due to its potential impact on prices and overall market dynamics.
Among the projects is Galxe (GAL), which will unlock 586,670 tokens, worth $2.1 million, on July 24. This unlock represents only 0.49% of the circulating supply but is a significant step for the project.
🔓 Weekly Cliff Unlocks : 22-28 JULY 24 🔓
🔥 $ 132.49m 🔥
🌟 Unlock Highlights 🌟$ALT (42.08%) – $104.17m$ID (4.29%) – $8.53m$YGG (3.74%) – $7.25m$ENA (0.87%) – $7.01m$AGIX (1.32%) – $5.18m
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( % of cir. supply) pic.twitter.com/cssxiUpBmO— Token Unlocks (@Token_Unlocks) July 19, 2024
On the other hand, AltLayer (ALT) will be the largest token liberator. On July 25, AltLayer will release over 684 million tokens, accounting for approximately 42% of its total supply. These tokens are designated for various stakeholders, including the treasury, investors, teams, and community members. The large volume of unlocked tokens could negatively impact ALT’s price due to the significant increase in supply.
How Will Token Unlocks Affect the Crypto Market?
Yield Guild Games (YGG) is also preparing for a major unlock. On July 27, YGG will release approximately 14 million tokens, representing 3.74% of the circulating supply. The release is aimed at the community, investors, founders, and the project’s treasury, with the goal of supporting the expansion and development of the gaming ecosystem.
Additionally, on July 28, both Ethena (ENA) and AGIX will undergo significant unlocks. Ethena, a synthetic money protocol based on Ethereum, will unlock around 14.89 million tokens, worth $7.48 million, representing 0.87% of the circulating supply. The funds will be allocated to the development of the protocol’s ecosystem.
On the same day, AGIX will unlock 8.45 million tokens, valued at $5.27 million, constituting 1.33% of the circulating supply. The goal is to recognize and encourage community involvement in the platform’s growth.
Although these unlocks are often viewed as bearish due to the increased supply. They can also be strategically planned to align with project development and progress. As a strategy, it may incentivize team members, boost community engagement, and promote long-term success in the crypto market.
