May 2024 may be a turning point for cryptocurrency markets. This month, many major crypto projects are scheduled to unlock their tokens, which could cause the supply of tokens in the market to increase significantly. A total of over $2 billion worth of native tokens are expected to be released, which could cause significant volatility in the altcoin market and is being closely watched by investors.
Cryptocurrency projects generally aim to demonstrate the robustness and long-term goals of the project by locking a certain amount of tokens for use for a certain period of time. However, with these unlocks, measuring the success of the project and its impact on the market becomes more evident.
May 1 – dYdX (DYDX): Decentralized exchange dYdX will unlock 10% of its circulating supply, worth approximately $71 million.
May 3 – Memeland (MEME): Memeland will unlock 8.3% of the circulating supply, worth approximately $148 million.
May 12 – Aptos (APT): Aptos, a high-performance blockchain, will unlock 2.65% of the circulating supply, worth approximately $100 million.
May 15 – Starknet (STRK): Starknet will unlock 8.8% of its circulating supply, or a total of $80 million worth of tokens.
May 16 – Arbitrum (ARB): Arbitrum will unlock 3.5% of the circulating supply, worth approximately $100 million.
May 17 – Immutable (IMX): Immutable, a blockchain platform for gaming and NFTs, will unlock 1.75% of the circulating supply, worth approximately $54 million.
May 20 – Pyth Network (PYTH): Pyth Network will unlock a massive amount of tokens worth approximately $1.25 billion, doubling its circulating supply.
May 22 – Avalanche (AVAX): Avalanche will release approximately 2.5% of its circulating supply, or $325 million worth of tokens.
These unlocks represent a significant inflow of tokens into the crypto market with a total value exceeding $2 billion. Therefore, investors should follow these developments carefully and ensure that unlocks fit into the projects’ long-term strategies.
With these events, we can expect relevant projects to provide greater interaction and liquidity in the market. It may also lead to sell-offs and price corrections in altcoin projects.
You can access current market movements here.
