News
$800 Million in Token Release Set for June 2024: How to Profit from It
- Significant token releases for this month of June include dYdX, SUI, 1INCH, Ethena (ENA), Arbitrum (ARB), Aptos (APT), and Starknet (STRK).
- Arbitrum (ARB) will release 92.65 million tokens worth approximately $105.62 million on June 16, representing 3.2% of its circulating supply.
While the month of May saw some market excitement around the approval of the Ethereum spot ETF, this month investors may see some volatility amid the major liquidity swings occurring in the market.
With June on the horizon, major token release events are looming, poised to impact market dynamics. According to data from TokenUnlocks, June 2024 is expected to see more than $800 million worth of tokens circulating in the cryptocurrency market. This substantial influx of liquidity has the potential to reverberate across various digital assets, shaping their trajectories over the next month.
Token releases play a critical role in the cryptocurrency market by introducing previously unavailable tokens to the public, often resulting in price fluctuations. The substantial influx of tokens expected next month presents both opportunities and challenges for traders and investors.
Notable tokens slated for release include dYdX, SUI, 1INCH, and Ethena (ENA), along with Arbitrum (ARB), Aptos (APT), and Starknet (STRK), all of which are making headlines thanks to their release volumes significant.
Unlocking the Arbitrum token
On June 16, Arbitrum (ARB), the native token of the Ethereum Layer-2 network, will release 92.65 million tokens worth approximately $105.62 million. This release also represents 3.2% of the circulating supply of ARBs, according to the Crypto news flash report.
The distribution of tokens released is as follows:
- Team, Future Team + Consultants: 56.13 million ARB (worth $63.98 million)
- Investors: 36.52 million ARB (worth $41.63 million)
This significant release will likely impact the ARB market, given the volume of tokens in circulation.
Unlocking the Aptos token
Aptos (APT) will distribute 11.31 million tokens on June 12, worth approximately $102.69 million. This version represents 2.59% of APT’s circulating supply.
The distribution breakdown is as follows:
- Foundation: 1.33 million APT (worth $12.11 million)
- Community: 3.21 million APTs (valued at $29.15 million)
- Top Contributors: 3.96 million APT (worth $35.94 million)
- Investors: 2.81 million APT (worth $25.50 million)
This significant release will also impact the APT market as a substantial volume of tokens will enter circulation.
Macro indicators to keep an eye on
According to 10x Research, cryptocurrency market volumes have fallen to $50 billion, with funding rates remaining only marginally positive, indicating little investor interest. Additionally, two key variables, Fed policy and inflation data, will be critical factors that could drive Bitcoin to new all-time highs.
On June 5, the Bank of Canada could begin the global rate-cutting cycle, potentially providing a blueprint for the Federal Reserve. Furthermore, the US inflation report due on June 12 would need to show a significant drop to 3.3% for Bitcoin to recover. Investors are also closely monitoring these developments which could serve as potential catalysts for the market.