Crypto News: The global digital asset market is set to witness several major crypto unlocking events throughout June 2023 after trying to end May on a higher note. Projects like Blur (BLUR), 1inch Network (1INCH), Hedera (HBAR), and more are scheduled to add more tokens to their circulating supply.
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Will Token Unlocks Trouble Crypto Market?
According to the data, the cumulative worth of major tokens set to be unlocked in June 2023 stands at over $481 million. It is expected that these unlocking events can trigger uncertainty in the market. However, the crypto market cap jumped by 2.29% on Monday to stand around $1.16 trillion.
Blur, a non-fungible token (NFT) marketplace will be unlocking 195.99 million of its native governance token BLUR on June 14, 2023. The 6.533% of its total supply (approx worth $101.8 million) will be added to the circulating supply. BLUR is trading at an average price of $0.51, at the press time.
1inch Network (1INCH) is set to unlock 249.8 million tokens on Jun 2, 2023. The network will be unleashing 16.654% of its total supply (approx worth $99.3 million) to the circulating supply. This unlock event will leave 553.75 million (approx worth $220.21 million) unlocked. Read More Crypto News Here…
BitDAO, the governance and resource management module of the BIT ecosystem will be performing the unlock event scheduled on June 15, 2023. The project will be moving 187.5 million (approx worth $96.1 million) into the circulating supply.
Hedera network has scheduled a token unlocking event on June 1, 2023. The network will be adding 1.27 billion more HBAR tokens (approx worth $67.2 million) to its circulating supply. HBAR price has dropped by around 15% in the last 30 days. It is trading at an average price of $0.052, at the press time.
Recently launched, Sui, a Layer 1 blockchain, is set to unlock 0.611% of its total supply on June 3, 2023. The network will be adding 61.08 million SUI tokens (approx worth $65 million) to the circulating supply.
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