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APE, MANTA, ID and more
Token unlocking involves the release of previously locked tokens under the terms of the fundraising. Projects carefully plan these releases to avoid market pressure and prevent a decline in token prices.
However, factors such as lack of liquidity or early profit-taking by investors can have a significant impact on the dynamics of an asset. Here are the four major token unlocks to watch out for next week.
ApeCoin (APE)
- Unlock date: June 17th
- Number of tokens unlocked: 15.6 million MONKEY
- Current circulating supply: 627.8 million APE
ApeCoin is the native token of Yuga Labs’ Ape ecosystem, which includes the popular Bored Ape Yacht Club (BAYC) NFTs collection. On June 17, the project will unlock over 15 million coins and distribute them among the treasury, founders, team and contributors.
Typically, APE experiences price declines following large breakouts. However, the decline may be less significant due to renewed interest in non-fungible tokens in general and BAYC in particular.
To know more: Bored Ape Yacht Club Explained: What is BAYC?
Manta (MANTA)
- Unlock date: June 18th
- Number of tokens unlocked: 6.67 million MANTA
- Current circulating supply: 325.3 million MANTA
Manta Network is a modular blockchain that leverages privacy for DeFi applications that use zk-SNARK technology to enable private transactions and interactions. It includes two networks:
- Manta Pacific is a modular L2 ecosystem for EVM-native ZK applications and dApps that want to provide the lowest cost and best user experience possible.
- Manta Atlantic is the fastest L1 blockchain on Polkadot that provides programmability ZK on-chain identity and credentials via zkSBT.
On June 18, MANTA’s circulating supply will increase by 6.67 million tokens. These newly unlocked tokens will be awarded to participants in the public sale.
To know more: Layer-2 Crypto Projects for 2024: Top Picks
Pixels (PIXELS)
- Unlock date: June 19th
- Number of tokens unlocked: 54.38 million PIXELS
- Current circulating supply: 771 million PIXELS
Pixel is a multiplayer game on the Ronin blockchain, using the PIXEL token as in-game currency and for community governance. PIXEL holders can mint NFTs, purchase items and VIP passes, join guilds and vote on project developments.
On June 19, 54 million PIXEL tokens will be put into circulation and distributed among advisors, project treasury, and ecosystem rewards.
To know more: 11 free games that pay real money to play
Space ID (ID)
- Unlock date: June 22nd
- Number of tokens unlocked: 78.5 million IDs
- Current circulating supply: 430 million ID
Space ID is a universal decentralized system identity protocol that connects people, assets and dApps across various blockchains. It allows users to use a single domain name to represent their identity across different applications and networks.
On June 22, the project will unlock over 78 million ID tokens and allocate them between the Space ID Foundation and several participants in the sale round.
To know more: Decentralized identity and the future of Web3: what to know
Other unlocks next week include Nym (NYM), Kadena (KDA), Euler (EUL), and Pendle (PENDLE), with a total value exceeding $170 million. While many view token unlocks as bearish, a well-planned program can strengthen a project’s long-term viability. In line with milestones and development progress, unlocks will motivate team members, increase community engagement, and promote ecosystem growth.
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