As a seasoned analyst with years of experience navigating the tumultuous seas of the cryptosphere, I find myself both excited and apprehensive about the impending token unlocks in November. The sheer volume of digital assets hitting the market – a staggering $2.68 billion – is nothing short of mind-boggling.
Over $2.68 billion worth of digital assets, which have been locked in blockchain-based projects, are set to become available in November when their holding periods end.
As an analyst, I’ve just reviewed the latest findings from Tokenomist (previously known as Token Unlocks), and here’s what I found: A substantial amount of $2.68 billion in cryptocurrency assets is set to be released in November. Specifically, more than $900 million will be unlocked all at once, or on a “cliff” basis, while approximately $1.7 billion will be gradually released linearly over time.
In the analyst’s perspective, come November 2024, the most significant token unlock events will be associated with projects such as Memecoin (MEME), Aptos (APT), Arbitrum (ARB), Avalanche (AVAX), and Optimism (OP).
In the world of digital assets, crypto token vesting is a method used to stop early investors or team members from quickly disposing of their tokens before a project fully develops. This process also keeps crypto holders from selling all their assets at once, thus avoiding sudden market pressure that could potentially cause a drop in the value of crypto tokens.
Biggest token unlocks in November
The Meme-based cryptocurrency, Memecoin, is planning to release approximately 3.45 billion coins, valued at around $37.8 million as part of an airdrop. Additionally, it will also carry out a gradual token release for its supporters. This equates to over 10 million MEME tokens each day, amounting to roughly $117,000. At the moment, the value of one MEME token stands at around $0.010, which is 81% lower than its peak in 2024 of $0.053.
11.31 million tokens valued at approximately $93 million will be distributed by the Layer-1 blockchain Aptos. This distribution includes:
67 million AVAX tokens valued at around $39 million will be released to Avalanche’s foundation, in addition to this, 31.4 million tokens worth approximately $44 million will be distributed to Optimism’s investors and key personnel.
Arbitrum unlocks more tokens
Starting today, the Ethereum layer-2 network Arbitrum is set to distribute 92.65 million tokens, valued at approximately $45 million. These cryptocurrency tokens are being distributed among its investors, team members, and advisors. Notably, on March 16th, Arbitrum had released a staggering 1.1 billion tokens worth an impressive $2.32 billion.
After the significant release of tokens, the value of ARB has been decreasing. Currently, it’s trading around $0.48, which is a 79% drop from its peak price of $2.39 on January 12th.
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2024-11-03 11:33