Crypto Market to See $111 Million in Token Unlocks Next Week

Several crypto projects are gearing up to release over $111 million worth of tokens into the market next week. According to Token Unlocks, a dashboard that monitors the release of new crypto tokens, Aptos (APT), Starknet (STRK), Render (RENDER), io.net (IO), Ethena (ENA), and Cyber (CYBER) will introduce fresh tokens into their ecosystems between September 9 and 15.

🔓 Weekly Cliff Unlocks : 9-15 Sep ’24 🔓

🔥 $ 111.19m 🔥

🌟 Unlock Highlights 🌟$APT (2.32%) – $66.05m$STRK (3.60%) – $25.07m$RENDER (0.19%) – $3.58m$IO (2.22%) – $3.20m$ENA (0.78%) – $3.12m$CYBER (3.81%) – $2.78m
.
.
( % of cir. supply) pic.twitter.com/CH26xZYWcN

— Token Unlocks (@Token_Unlocks) September 6, 2024

Aptos and Starknet Lead the Pack

Data shared by Token Unlock shows that Aptos will claim the highest share of the tokens worth to be released next week by injecting $66.05 million worth of APT into the crypto market. That would represent 2.32% of the crypto project’s token allocation. Meanwhile, Starknet will release $25.07 million worth of STRK tokens, reflecting 3.60% of its total allocation.

Render’s token release schedule shows the motion graphic-inclined project targets adding 0.19% of its token allocation to the crypto market, equivalent to $3.58 million. At the same time, io.net, a computer resource network that focuses on enhancing AI models, will release new tokens worth $3.20 million. That would represent 2.22% of its total token allocation.

Read also: GameFi Token Unlocks: SAGA, XAI, IMX, SAND in Focus

Ethena, a financial protocol on the Ethereum blockchain, will introduce 0.78% of its allocated tokens into the market next week, valued at $3.12 million. Cyber, an identity-focused blockchain protocol, will unlock tokens worth $2.78 million, representing 3.81% of its native coin allocation.

Token Unlocks and Market Impact

Crypto traders use token unlock information to assess the balance between supply and demand in the market. This helps them anticipate potential price movements, especially when combined with other market metrics and indicators.

Read also: $82M Token Unlocks Hit Crypto Market This Week

Introducing new tokens implies increasing the supply of such tokens in the market, which could dampen potential upward movements. However, in most cases, it reflects a crypto project’s commitment to its plans and could boost users’ confidence and increase the crypto token’s adoption. Hence, the recently released data by Token Unlock would put many traders on alert, as they expect notable price movements across the listed cryptos in the coming week.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source