Crypto projects set to unlock $2.6B in tokens in November

Locked digital assets worth $2.68 billion will hit the market in November as vesting periods for blockchain-based projects expire.

According to vesting data tracker Tokenomist (formerly Token Unlocks), $2.68 billion in crypto assets will be unlocked in November. Over $900 million in tokens will be unlocked on a cliff basis, while about $1.7 billion will be unlocked linearly.

The most noteworthy token unlocks in November 2024 belong to projects like Memecoin, Aptos, Arbitrum, Avalanche and Optimism.

Crypto token vesting is a practice in the digital asset space to prevent early investors or project team members from dumping tokens before a project matures. It also locks crypto assets to prevent holders from selling all at once and putting pressure on the markets, which may lead to a downturn in crypto token prices.

Biggest token unlocks in November

Meme-project Memecoin is set to unlock 3.45 billion coins, worth about $37.8 million for its airdrop. Apart from the cliff unlock, it would also perform a linear token unlock for its contributors. This would be over 10 million MEME tokens daily, worth about $117,000. The MEME token’s price currently hovers at $0.010, 81% lower than its 2024 high of 0.053.

Layer-1 blockchain Aptos will unlock another 11.31 million tokens worth $93 million. About $32 million will go to the project’s core contributors, $26 million to the community, $11 million to the foundation and $23 million to its investors. The APT token currently trades at around $8.24, 54% below its 2024 high of $18.14.

Avalanche will also unlock 1.67 million AVAX tokens worth $39 million for its foundation, while Optimism will unlock 31.4 million tokens worth $44 million for its investors and core contributors.

Arbitrum unlocks more tokens

Meanwhile, the Ethereum layer-2 network Arbitrum will release 92.65 million tokens worth $45 million. The crypto tokens are allocated to its investors, team and advisers. On March 16, Arbitrum released 1.1 billion tokens worth $2.32 billion.

Since its massive token unlock, ARB’s price started to go on a downward trend. The token now trades at about $0.48, 79% lower than its all-time high of $2.39 on Jan. 12.

Source: https://cointelegraph.com/news/november-2024-crypto-token-unlocks