Arbitrum (ARB) leads token unlocks this week, releasing $51 million

According to data from TokenUnlocks, over $498 million worth of tokens are scheduled for release between October 14 and October 21, 2024, with Arbitrum (ARB) leading the pack.

Arbitrum (ARB) is poised to release the largest amount of tokens in terms of value. TokenUnlocks data shows that the project is set to release 96 million ARB worth approximately $51.04 million. This represents 2.65% of ARB’s circulating supply.

Axie Infinity stands second in terms of token unlock

Other notable cliff unlocks include AXS with 9.25 million tokens valued at $43.40 million, EIGEN with 11.22 million tokens worth $40.05 million, and STRK with 64 million tokens valued at $27.38 million.

These unlocks represent varying percentages of their respective circulating supplies, ranging from 0.05% for ADA to a substantial 7.05% for PIXEL.

In addition to cliff unlocks, several projects have scheduled linear token releases. Worldcoin (WLD) leads this category with 37.23 million tokens valued at $85.25 million, representing 7.00% of its circulating supply.

Solana set to unlock $79.21 million tokens

Solana (SOL) follows with 524.03K tokens worth $79.21 million, accounting for 0.11% of its circulating supply. Other notable linear unlocks include TAO, Avalanche (AVAX), and SEI, each releasing tokens valued between $17 million and $34 million.

The substantial token unlocks scheduled for this week could potentially impact the market prices of the affected cryptocurrencies.

It’s worth noting that while some projects are releasing a notable percentage of their circulating supply, others like Cardano (ADA) and Dogecoin (DOGE) are unlocking relatively small portions of their total supply.

ADA, for instance, is set to release 18.53 million tokens valued at $6.41 million, representing just 0.05% of its circulating supply.

The token unlocks are set to happen when the crypto market has started off on a positive note this week. The global crypto market cap which was down by over 1.5% yesterday has risen by almost 1.7% now and stands at $2.23 trillion.

Bitcoin has reclaimed the $64,000 level, while Ethereum has climbed above $2,500 according to CoinMarketCap data. When it comes to the meme coin sector, Book Of Meme (BOME) has dethroned others with its 24% pump.