- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
-637336005550289133_Medium.jpg)
Chainlink surges amid World Liberty purchase, Emirates NBD partnership and CCIP launch on Ronin network
Chainlink price surges around 15% on Thursday, reaching levels not seen since mid-November 2021. The rally was fueled by the Donald Trump-backed World Liberty Financial purchase of 41,335 LINK tokens worth $1 million on Thursday.
Ethereum, Chainlink and Aave rally after Donald Trump’s World Liberty buys $12 million worth of tokens
Donald Trump-backed DeFi platform, World Liberty Financial (WFLI), spent $12 million on Ethereum (ETH), Chainlink (LINK), and Aave (AAVE) on Thursday, sparking a 2% rise in ETH and over 20% rallies in LINK and AAVE.
Sui hits new all-time high of $4.9 as Backpack integration sparks $466 million DEX volume surge
Sui price reaches a new all-time high of $4.9 on Thursday after increasing more than 20% in the previous week. The rally was fueled by the announcement that the Backpack exchange and wallet integration with SUI and DEX volume reached record levels.
XRP investors realized $800 million in profits amid signs of massive rally to $4.75
Ripple's XRP continued its rally on Wednesday as it looks to test the upper boundary of a key flag channel. Following the recent price rise, investors booked profits worth nearly $800 million while options traders bet on the remittance-based token hitting the $5 mark.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.