Major crypto token unlocks are set between June 30 and July 5, and crypto investors are keeping a close watch on another round of large unlocks.
Token unlocks tend to send markets into volatility, but they also present potential market corrections or key purchase opportunities. As data published by Phoenix Group shows, nine major altcoins are soon to introduce a considerable share of their token into circulation within several days, prompting a cautious approach from investors.
June 30: Heavy Crypto Token Unlock Day with Optimism, Kamino, and Renzo in Focus
On June 30, the unlock of four important projects, namely Renzo (REZ), Gunz (GUN), Optimism (OP), and Kamino (KMNO), will occur. The highest regarding tokens is Renzo, with unlocked 316.7M REZ or 3.17% of its total amount, approximated at the value of $2.77M. Although the market capitalization of REZ is not as high as in other larger projects, an unlock like that may also cause a price movement.
Optimism (OP), one of the most popular Layer 2 scaling solutions to Ethereum, will unlock 32.21M OP tokens, or 0.75% of its total supply. This release has a total valuation of a hefty $18.88M which makes it the largest dollar-wise among the June 30 unlocks.
OP traditionally experienced significant price movements after token launches, and traders will observe closely whether this case is the same.
Kamino (KMNO) is a relatively new kid in the DeFi block, and it will unlock 220M tokens representing 2.20% of its supply with a market value of 13.14M. This massive unlock has the potential to bring liquidity to the ecosystem. Then on the same day, Gunz (GUN), with less than 77M tokens, unlocks (0.77% of supply), contributes another $1.9M unlock value.
July 1: SUI Prepares for Largest Unlock by Value
A dollar-wise largest crypto token unlock event will occur on July 1, as Sui (SUI) will unlock 58.35M tokens, which amounts to 0.58% of the total supply.
With an estimated total of $163.89M, this unlock is by far the biggest on the list, and it may have major implications for the market. Institutional interest has been centered around SUI, which is a Layer 1 blockchain with high throughput and developer interest.
Because of the huge valuation that comes with this unlock, the price action and volume are going to be closely monitored by traders.
July 2: Ethena to Release Over 94 Million ENA
On July 2, Ethena (ENA) will release 94.19M crypto tokens (0.63% of the supply) worth $25.5M. This unlock may challenge overall market resilience in addition to investor mood regarding Ethena and its synthetic dollar platform that has attracted attention lately.
July 4-5: Sleepless AI, Galxe, and Xion Wrap Up the Unlock Week
On July 4, Sleepless AI (AI) will unlock 17.25M tokens (1.72% of its total supply), valued at $1.96M. Since the interest in AI-integrated crypto solutions keeps increasing, the activity of Sleepless AI after its unlock will be monitored closely.
We are in for the last two unlocks this week: Galxe (GAL) and Xion (XION) on July 5th. Galxe is set to launch 3M GAL tokens (1.5% of supply), worth $2.3M. With a market value of $1.51M, Xion will release 1.68M XION tokens, amounting to 0.84% of the supply. These releases may have localized liquidity and price effects, though smaller than SUI or OP.
