Crypto news: After attempting to finish May on a high note, global digital asset markets are set to witness several major cryptocurrency unlocking events through June 2023. Projects such as Blur (BLUR), 1inch Network (1INCH) and Hedera (HBAR) will be adding more tokens to the circulating supply.
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Will unlocking tokens pose problems for the cryptocurrency market?
According to data, the cumulative value of major tokens scheduled to be unlocked in June 2023 is over $481 million. It is expected that these unlocking events may cause market uncertainty. However, the cryptocurrency market capitalization rose 2.29% on Monday to about $1.16 trillion.
Blur, the Non-Fungible Token (NFT) Marketplace will unlock 195.99 million native governance tokens BLUR on June 14, 2023. 6.533% of total supply, worth approximately $101.8 million, will be added to circulating supply. At the time of writing, the average price of BLUR is $0.51.
1 inch network (1 inch) plans to unlock 249.8 million tokens on June 2, 2023. The network unlocks 16.654% of total supply, worth approximately $99.3 million, into circulating supply. This unlock event left 553.75 million (worth approximately $220.21 million) unlocked. Read more crypto news here…
Bit Dao, the governance and resource management module of the BIT ecosystem will carry out the unlocking event scheduled for June 15, 2023. The project will move 187.5 million (approximately $96.1 million worth) into the circulating supply.
hedera network has scheduled a token unlock event on June 1, 2023. The network will add an additional 1.27 billion HBAR tokens worth approximately $67.2 million to the circulating supply. HBAR prices have fallen about 15% over the past 30 days. At the time of writing, it is trading at an average price of $0.052.
recently released, Sui, layer 1 blockchainplans to unlock 0.611% of total supply on June 3, 2023. The network adds his 61.08 million SUI tokens (worth approximately $65 million) to the circulating supply.
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