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Next Week’s Major Token Unlocks: XAI, IMX, and More
Token unlocking involves releasing previously locked tokens based on the fundraising terms. Projects carefully plan these releases to avoid market pressure and prevent token prices from falling.
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 three important token unlocks to watch next week.
Xai (XAI)
- Release Date: July 9th
- Number of tokens unlocked: 198.4 million XAI
- Current circulating supply: 277 million XAI
Xai is the world’s first Layer 3 solution designed specifically for AAA gamble. Using Referee technology, Xai prioritizes simplicity and ease of use by eliminating the complexities of wallet management. This approach makes blockchain integration an integral part of the gaming ecosystem.
On July 9, the project will unlock nearly 200 million XAI tokens, surpassing 70% of the current circulating supply. This massive release has sparked active discussions within the crypto community about its potential impact on altcoin price.
“Obviously it’s a bearish event, but once it’s over, that coin becomes interesting again. It’s been dumping for 5 weeks straight, down over 63% since the last bullish swing. Volume is picking up a lot. It makes sense to keep a close eye on it next week and the week after,” said popular cryptocurrency trader Zen he wrote.
To know more: Top 6 Cryptocurrency Games in 2024
Immutable (IMX)
- Release Date: July 12
- Number of tokens unlocked: 32.47 million IMMX-I …
- Current circulating supply: 1.5 billion IMMX-I …
Immutable is a Layer-2 solution for scaling NFT on the Ethereum blockchain. In September 2021, the project raised $12.5 million during the IMX token sale on the CoinList platform in just one hour. In March 2022, it closed a $60 million investment round and secured another $200 million from investors including ParaFi Capital, Declaration Partners, and Tencent Holdings.
On July 12, IMX’s circulating supply will increase by 32.47 million tokens. These newly unlocked tokens will be allocated to the project’s development and the broader Immutable ecosystem.
To know more: Layer-2 Cryptocurrency Projects for 2024: Top Picks
Aptos (APT)
- Release Date: July 12
- Number of tokens unlocked: 11.3 million ADAPT (Water and Water Supply)
- Current circulating supply: 453 million ADAPT (Water and Water Supply)
Aptos is a Layer-1 blockchain that aims to provide a secure and scalable infrastructure for decentralized applications. Built with a focus on safety and performanceleverage new technologies to enhance the blockchain experience.
While Aptos may be considered one of the most successful blockchain projects of the last couple of years, it often faces criticism from the crypto community for its tokenomicswhich is heavily influenced by venture capital. A significant portion of APT tokens remain locked. On July 12, the project will distribute 11.3 million APT among community members, top contributors, and investors.
To know more: Where to Buy Aptos (APT): 5 Best Platforms for 2024
Other new additions next week include dYdX (DYDX), io.net (IO), and Moonbeam (GLMR), with a total value of more than $190 million.
While many consider token unlocks to be bearish, well-planned planning can strengthen the long-term viability of a project. Aligned with development milestones and progress, unlocks will motivate team members, increase community engagement, and promote ecosystem growth.
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