3 Token Unlocks to Watch Next Week

Token unlock involves releasing tokens that were previously blocked under fundraising terms. Projects carefully schedule these releases to avoid market pressure and prevent a drop in token prices.

However, factors like lack of liquidity or early investor profit-taking can significantly impact an asset’s dynamics. Here are three major token unlocks to watch next week.

Xai (XAI)

  • Unlock date: July 9
  • Number of tokens unlocked: 198.4 million XAI
  • Current circulating supply: 277 million XAI

Xai is the world’s first Layer 3 solution designed specifically for AAA gaming. Utilizing Arbitrum technology, Xai prioritizes simplicity and ease of use by removing the complexities of wallet management. This approach makes blockchain integration a seamless part of the gaming ecosystem.

On July 9, the project will unlock nearly 200 million XAI tokens, exceeding 70% of the current circulating supply. This massive release has sparked active discussions within the crypto community about its potential impact on the altcoin’s price.

“Obviously its a bearish event, but after its done that coin becomes interesting again. Been dumping for 5 weeks in a row, lost over 63% since the last bullish swing. Volume is growing high. Make sense to watch it closely next week and week after,” prominent crypto trader Zen wrote.

Read more: The 6 Best Cryptocurrency Powered Games in 2024

XAI unlock
XAI Unlock. Source: token.unlocks

Immutable (IMX)

  • Unlock date: July 12
  • Number of tokens unlocked: 32.47 million IMX
  • Current circulating supply: 1.5 billion IMX

Immutable is a Layer-2 solution for scaling NFTs on the Ethereum blockchain. In September 2021, the project raised $12.5 million during the IMX token sale on the CoinList platform in just one hour. In March 2022, it closed a $60 million investment round and secured an additional $200 million from investors, including ParaFi Capital, Declaration Partners, and Tencent Holdings.

On July 12, the circulating supply of IMX will increase by 32.47 million tokens. These newly unlocked tokens will be allocated to the development of the project and the broader Immutable ecosystem.

Read more: Layer-2 Crypto Projects for 2024: The Top Picks

IMX unlock
IMX Unlock. Source: token.unlocks

Aptos (APT)

  • Unlock date: July 12
  • Number of tokens unlocked: 11,3 million APT
  • Current circulating supply: 453 million APT

Aptos is a Layer-1 blockchain that aims to deliver a safe and scalable infrastructure for decentralized applications. Built with a focus on security and performance, it leverages new technologies to elevate the blockchain experience.

While Aptos can be considered one of the most successful blockchain projects of the last couple of years, it often faces criticism from the crypto community for its tokenomics, which is heavily influenced by venture capital. A significant portion of APT tokens remains locked. On July 12, the project will distribute 11.3 million APT among community members, core contributors, and investors.

Read more: Where To Buy Aptos (APT): 5 Best Platforms for 2024

APT unlock
APT Unlock. Source: token.unlocks

Other next-week unlocks include dYdX (DYDX), io.net (IO), and Moonbeam (GLMR), with a total value exceeding $190 million.

Although many consider token unlocks bearish, a well-planned schedule can strengthen a project’s long-term viability. Aligned with milestones and development progress, unlocks will motivate team members, boost community engagement, and promote ecosystem growth.

The post 3 Token Unlocks to Watch Next Week appeared first on BeInCrypto.

Leave a Reply

Your email address will not be published. Required fields are marked *