Arbitrum, Aptos and Starknet to Unlock $600M Worth of Tokens in April
Several major cryptocurrency projects will unlock their tokens this month. The largest unlocks are expected for Aptos, Arbitrum and Starknet. How will this affect the value of tokens?
April will be the most prolific month regarding the unlocking of tokens of various cryptocurrency projects. In just one month, 17 projects will unlock tokens totaling about $2 billion. Arbitrum, Aptos and Starknet are expected to have the largest unlocks, foreshadowing pressure on the cryptocurrency market.
The closest unlocking of tokens is expected from the Aptos project. On April 12, the project will issue 24.84 million APT tokens, representing 6.2% of the total coin supply. These tokens will be distributed among the Aptos Foundation, major contributors, investors, and the community. Over the past week, the APT token has sagged by 18%.
On April 15, Starknet will unlock 64 million STRK tokens, which is almost 8.8 percent of the total circulating tokens and valued at $124 million. These tokens will go to early investors in the project. The token has dropped 15% in the last 7 days in anticipation of the unlock. The date of the unlock coincides with the accumulation phase ahead of a potential rally, indicating investor sentiment looking to maximize returns over the long term.
The next day, April 16, Arbitrum will release 92.69 million ARB tokens, representing 3.5% of the total circulating supply and valued at approximately $135 million. The tokens will go to a team of developers and advisors. This unlocking has raised concerns in the cryptocurrency community. ARB has fallen 11% in the last week; the monthly drop was 27.6%, which added to growing concerns about the token's performance.
Crypto reporter Colin Wu also highlighted other upcoming anlocks. These include DYDX, ZETA, SUI, GAL, CYBER, APE, AXS, IMX, PIXEL, ID, YGG, AGIX, OP and PRIME.
According to TokenUnlocks, large-value unlocks (unlocked value greater than $10 million) in April included DYDX ZETA SUI GAL APT CYBER STRK ARB APE AXS IMX PIXEL ID YGG AGIX OP PRIME with an unlocked value exceeding $1.38 Billion.https://t.co/tuQYnSlfTZ pic.twitter.com/9z4lGB2p5X
— Wu Blockchain (@WuBlockchain) March 31, 2024
Sui will issue about 65 million tokens worth $127 million. Decentralized exchange dYdX will issue 33.3 million tokens worth about $116.7 million.
