NOIDA (CoinChapter.com) — Several crypto projects have upcoming token unlocks scheduled for March 2024. Data aggregator TokenUnlocks highlighted that the token’s value unlocked in March totals more than $5.2 billion, making it the month with the highest total unlocked value in 2024.
Crypto projects usually lock up a portion of their token supply to ensure that early adopters and investors do not offload large quantities of a token once the project goes live. However, the developers unlock these tokens gradually over a period of time.
Despite the slow disbursal, market participants often view token unlocks with apprehension since traders could sell their tokens to book profits. More often than not, token unlock events have preceded bearish times for a token.
Arbitrum Leading The Token Unlock Event
In March 2024, the crypto market is set to experience a wave of significant token unlocks that could potentially sway market dynamics and investor strategies. Arbitrum (ARB) leads the pack, with its token unlock set to release a staggering 1.11 billion ARB tokens, valued at around $2.11 billion.
Of the total unlocked tokens, 673.5 million ARB tokens are for the team and its advisors. Despite the major supply rush, analysts are not worried about ARB price action since it is unlikely that the team will dump their tokens immediately on the market.
Furthermore, bullish cues from the token might help ARB prices avoid any major downturns. Yet, the market might react to the major unlock, which could pressure the Arbitrum token.
The unlock represents a pivotal moment for Arbitrum, as it could greatly increase the circulating supply and attract keen interest from investors and traders alike.
Aptos Token Unlock Becomes Second Biggest
Close on its heels, Aptos (APT) is preparing for a substantial unlock event, with $289 million worth of APT tokens slated for release.
The community closely watches this event, given Aptos’ rising prominence in the blockchain space.
In 2024, the Aptos team released digital assets valued at over $450 million into the market. Yet, the APT price rallied a modest 25% year-to-date. Aptos is also aiming to increase its presence in Africa.
Last month, the firm partnered with Jambo to connect Africans with global blockchain networks, focusing on empowering individuals in developing countries via Web3 technology. The partnership includes launching JamboPhone, an affordable smartphone costing $99, to facilitate this connection.
dYdX And Immutable X
Not far behind Arbitruma and Aptos, dYdX and Immutable X are gearing up for their significant unlocks.
These unlocks could inject fresh dynamics into their markets, influencing liquidity and price action. While dYdX plans to unlock about 575,000 DYDX tokens worth $1.9 million, Immutable X’s token unlock event will inject 34.19 million IMX tokens, valued at over $108 million, into the market.
The dYdX token unlock event will occur on March 19, while the IMX tokens will reach the market on March 22.
SUI To Continue Its Token Release Plans
Layer1 blockchain network Sui will introduce an additional 34.62 million units of SUI tokens, worth nearly $58.15 million, by March 3.
The move could significantly impact Sui’s market position and investor interest since the unlock accounts for 2.97% of the SUI circulating supply.
Given SUI’s recent price rally and the bullish cues that the project has lined up, it is likely that bulls would absorb the market impact of the token unlock.
Beyond these top unlocks, several other projects are scheduled for their own significant releases. These include ZETA, AI, DYM, ENS, GMT, LMWR, ACE, MANTA, IMX, ALT, and AXL, with unlocks ranging from $12 million to $52 million.
Each of these events carries its expectations and potential market impacts, with investors, traders, and market analysts keenly observing these unlocks, assessing their potential impacts on token prices, market liquidity, and overall market dynamics.