Several major cryptocurrency projects are set to unlock a significant number of tokens this week. These unlocks are expected to impact market liquidity and potentially affect token prices. First, Axie Infinity ($AXS) will unlock 12.58 million tokens, according to Phoenix, a crypto media outlet. The issuance of these tokens may enhance the supply on the market and therefore cause changes in their prices.
MAJOR UPCOMING TOKEN UNLOCKS #AxieInfinity $AXS #StarkNet $STRK #Cyber $CYBER #EigenLayer $EIGEN #Arbitrum $ARB #LimeWire $LMWR #ApeCoin $APE #MantaNetwork $MANTA #Fusionist $ACE pic.twitter.com/exqGs6UrDM
— PHOENIX – Crypto News & Analytics (@pnxgrp) October 14, 2024
StarkNet and Arbitrum Unlocks Expected to Boost Market Supply
Subsequently, StarkNet ($STRK) will unlock 63.99 million tokens. A Layer-2 solution for Ethereum called StarkNet has been gaining traction recently. Such a big unlock will put a lot of supply into the market and this may have an impact on the liquidity of $STRK. Moreover, Cyber ($CYBER) will release 838.23K tokens. Cyber that targets the protection of decentralized data is slowly being implemented. Although this release is much smaller compared to others, it still inflates the floating supply and can impact its price in the short-run.
$EIGEN EigenLayer will release 11.22 million tokens. EigenLayer is a project that offers decentralized services for staking and ensuring the assets. The launch of these tokens could also possibly affect market engagement in the ecosystem, which is another point. Arbitrum is going to unlock 92.63 million tokens of $ARB. Arbitrum is one of the best Ethereum Layer-2 scaling solutions. This one is actually one of the biggest unlocks of the week. It could greatly affect the price and the level of liquidity of $ARB, due to its large market share.
Token Unlocks to Drive Market Volatility, Investors Should Stay Alert Especially About $AXS
Further, LimeWire ($LMWR) will release 32.31 million tokens. Of note is LimeWire that has shifted to a P2P NFT platform. The release of the token may help revive the NFT sector. On the other, ApeCoin ($APE) will unlock 15.38 million tokens. This particular unlock will likely attract attention in the NFT and metaverse industry.
Lastly, Manta Network’s ($MANTA) tokens will be unlocked and 7.12 million tokens, while Fusionist’s ($ACE) will be unlocked and 1.62 million tokens. Even these are comparatively smaller in amount and they are not insignificant to the market from the liquidity point of view.
Ultimately, these token unlocks, reported by Phoenix, can be the cause of further fluctuations in the respective markets. Investors should monitor these events closely.
