June has arrived, and despite many good news for cryptocurrency investors, the dull May is ending. Bitcoin price is testing above the $66,800 support as this article is being prepared. Recently, the price fell to $67,254. So, which altcoins are expected to be volatile in June?
Starknet (STRK)
According to TokenUnlocks, cryptocurrency investors will see over $800 million in unlocks in June 2024. More supply naturally leads to price drops in the absence of greater demand. The Starknet team will also unlock tokens on June 15. The $78 million unlock represents 5.61% of the current circulating supply for STRK.
Of the unlocked supply, $41 million will be distributed to early contributors to the network. The remaining $37 million will be given to investors. Many cryptocurrencies create regular selling pressure with these token distributions to investors and companies after being launched. We will see the effects of this on STRK Coin over time.
Space ID (ID)
On June 22, we will see a $56 million unlock for ID Coin. The release of 78.4 million ID Coins is not to be taken lightly. This represents 18.23% of the circulating supply entering circulation. This means that if they cannot attract a similar level of demand, the price could significantly drop.
Distribution will range between $10 million and $14 million for seed investors, the team, and strategic buyers. The foundation will receive 5 million ID Coins, and an additional $3.5 million worth of tokens will be released for marketing. With airdrops and other factors, the potential selling pressure reaches $56 million. This unlock could dampen risk appetite towards the end of June. Of course, the crypto world is full of surprises, and sometimes these events can catch investors off guard.
Immutable (IMX)
On June 14, we will see a $56.4 million unlock for IMX Coin. These funds will be used for ecosystem and project development and will be distributed to their internal teams. This unlock, representing 1.72% of the circulating supply, is not expected to cause significant price volatility.
