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Bitcoin is preparing to enter halving week, and crypto investors should pay attention to certain altcoin projects. Accordingly, various ecosystems have announced major token unlock events for the upcoming week. These events will lead to the release of tokens from significant projects such as Arbitrum, Starknet, and Axie Infinity, increasing the circulating supply. Investors should be prepared for volatility ahead of Bitcoin‘s halving week.
Token Unlock Events Concerning Three Altcoin Investors
Starting from Sunday, April 14, events will begin, releasing millions of dollars worth of tokens and increasing the circulating supply of the projects. Volatility expectations become significant for investors planning to trade around these events, especially as they occur one week before major events like the Bitcoin halving.
Starknet will unlock 64 million STRK tokens on April 15. These tokens, with their current market value exceeding $117.12 million, will constitute 8.8% of the network’s circulating supply. The tokens to be released will be allocated to early contributors and investors.
Arbitrum and AXS Token Unlock Events
Arbitrum, an Ethereum Layer 2 (L2) ecosystem, will conduct the week’s largest token unlock event. On April 16, 92.65 million ARB tokens, constituting 3.5% of the network’s circulating supply and valued at over $131.56 million, will be released. These tokens will be allocated to the Arbitrum team, future team members, advisors, and investors.
The unlock of AXS cryptocurrency tokens will take place within the Axie Infinity ecosystem on April 17. In this event, 10.87 million AXS tokens will be released, with their total value exceeding $103.91 million. 7.6% of these tokens will be set aside for staking rewards, the team, and the ecosystem fund.
Uncertainty Over Price Impact
Token unlock events’ impact on the prices of the related tokens is uncertain. However, an increase in sell orders is likely with the unlocking. These events can also provide liquidity to investors and foster confidence in the projects’ future prospects.
In conclusion, these events should not be overlooked for their potential to cause short-term volatility in the token markets. Investors should closely follow developments related to these events.
All three altcoins were affected by the downturn experienced yesterday. ARB fell 18% to $1.15, AXS fell 17% to $7.86, and finally, STRK fell 19% to $1.48.
