Wormhole, XAI, IMX set to partake in next week's token unlocks worth over $200 million

The crypto market could see intense volatility in the next seven days as over $206 million worth of tokens will be unlocked next week. Meanwhile, August will witness over $900 million worth of tokens entering circulation per Token Unlocks data.

Expected token unlocks next week cross $200 million

Data from token tracker Token Unlocks reveals that $206 million worth of unlocks are set to be released into circulation, involving Wormhole(W), Immutable(IMX), Xai(XAI), Ethena (ENA), Mode (MODE), Hashflow (HTF), Heroes of Mavia (MAVIA), dYdX (DYDX), Liquidity (LQTY), and Forta (FORT).

These tokens will each add to their current circulating supply as part of the larger $900 million unlocks that will take place in August.

Token Unlock events often cause a price decline as demand may not be strong enough to soak up the supply rise.

Wormhole(W) will see the highest share of unlocks, adding 600 million tokens worth $138 million into circulation. The release, scheduled for today, accounts for 33% of its circulating supply. Investors have shown concerns about the unlock event, speculating that it may result in a heavy price drop for the token, which is up 2% in the past 24 hours.

Immutable(IMX) will see the second-highest unlocks, with 32 million tokens worth over $40 million entering circulation. This accounts for 2.11% of its circulating supply.

XAI, ENA, MODE, HFT, MAVIA, and DYDX will unlock tokens worth $9.5 million, $5.4 million, $3.7 million, $2.2 million, $1.8 million and $1.7 million, respectively.

Several mini unlocks will also occur next week involving FORT, LQTY, YFI, HTF, PENDLE, GMX, and GLMR. These will see combined unlocks of $1 million next week. Yearn.finance(YFI) will witness the lowest unlocks, releasing its final locked tokens into circulation worth $88.98.