Arbitrum Prepares for $2.32B Token Unlock; Total Weekly Crypto Unlocks Near $2.7B
Summary:
Arbitrum, a Layer-2 blockchain network, is set to release $2.32 billion worth of vested ARB tokens on March 16. This unlock constitutes around 76% of the token's circulating supply. Other crypto projects such as Aptos, ApeCoin, Flow, CyberConnect, Moonbeam, and Euler are also slated to release vested tokens, totaling almost $2.7 billion for the week. These substantial token releases have led to predictions of potential price shifts in the respective cryptocurrencies.
Arbitrum, a second-layer blockchain network, is scheduled to release vested Arbitrum (ARB) tokens valued at $2.32 billion on March 16. According to information from crypto asset tracker Token Unlocks, about 1.1 billion ARB tokens, equivalent to 76% of the token's circulating supply, will be unlocked. The value of these tokens currently stands at $2.32 billion.
Relevant data from Token Unlocks reveals that Arbitrum's team and advisers will have access to 673.5 million tokens, equivalent to $1.41 billion. Arbitrum's investors will receive 438.25 million tokens, which have a current market value of around $915 million. This unlocking style is termed as a "Cliff Unlock", where no tokens are released until a designated date, at which point a large sum is unlocked at once.
The significant volume of the to-be-unlocked tokens has led crypto enthusiasts to foresee potential price shifts of ARB tokens. Some community participants predict potential short positions on the token as of March 16, while certain traders have already offloaded their tokens in light of the upcoming release.
Contrary opinions exist as well; crypto influencer JJcycles, for example, has drawn parallels between the upcoming ARB unlocking event and a similar event from Solana (SOL) in the past cycle, which saw a rise in the price of SOL despite the token release.
Other projects set to unlock tokens this week include Aptos (APT), which will be releasing approximately 24 million tokens worth around $329 million, representing about 6.73% of its current circulating supply. The tokens were set aside for the project's foundation, core contributors, community, and investors. Other projects like ApeCoin (APE), Flow (FLOW), CyberConnect, Moonbeam, and Euler are also slotted to release vested tokens this week. Collectively, the projects will release vested digital assets worth about $53 million, pushing the total unlock value for the week to nearly $2.7 billion.
Published At
3/11/2024 3:43:40 PM
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