- ARB, OP, WLD, and STRK are among tokens set for a combined $173.56 million unlock event next week.
- The unlocking of ARB, WLD and STRK tokens may spark further retracement in their prices, which are currently on a downtrend.
- ENA and 1INCH will undergo another unlock event following recent hikes in their supply.
The crypto market is set to witness over $173 million worth of token unlocks next week featuring Arbitrum (ARB), Optimism (OP), Starkware (STRK) and others. These tokens will see a hike in their circulating supply, which historically causes downward pressure on prices.
Crypto token unlocks to look out for next week
The crypto market will witness another round of token unlocks next week, according to data from token tracker TokenUnlocks on Friday. The unlocks, worth $173.56 million at the time of writing, will raise the circulating supply of several tokens, including ARB, STRK, AXS, APE, PIXEL, ENA, MATA, RNDR, CYBER, ASTR, NYM, EUL, 1INCH and FORT.
Token unlocks are events where a cryptocurrency project releases new tokens into circulation. These events increase the token's supply and often cause a decline in its price.
ARB, WLD and STRK tokens will witness the largest unlocks next week, with $64.31 million, $39.79 million and $35.36 million worth of their tokens being unlocked, respectively. The impact of the unlock may stir further price declines for these tokens which are currently on a downtrend.
ARB had previously seen a heavy price decline following its token unlock event in March. Its price dipped by 6% following the unlock event, and its weekly loss stretched more than 18%.
WLD may be the most affected as it will see a total of $628.17 million worth of unlocks in July.
Upcoming Token Unlocks in July
Meanwhile, ENA and 1INCH will undergo another unlocking event next week after experiencing unlocks worth $6 million and $11,000 between July 7-8, respectively. Both tokens are down by about 1% in the past 24 hours.
On the other hand, OP and RNDR are up about 1% in the past 24 hours but may experience declines following their upcoming unlocks
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