According to data, the total value of the major tokens that will be unlocked in June 2023 will be about $481 million.
After attempting to close May on a positive note, the global digital asset market is expected to witness many significant crypto-unlocking events throughout June 2023. There will be more tokens added to the market by projects like Blur (BLUR), 1inch Network (1INCH), Hedera (HBAR), and others.
Can Token Unlock Trouble Crypto Market?
The total value of the significant tokens that will be unlocked in June 2023 is estimated to be $481 million, based on the statistics. These unlocking occurrences are anticipated to cause market uncertainty. But on Monday, the market capitalization of cryptocurrencies increased by 2.29% to almost $1.16 trillion.
On June 14, 2023, the non-fungible token (NFT) marketplace Blur will release 195.99 million of its native BLUR governance token. 6.533% of its entire supply, or roughly $101.8 million, will be added to the supply that is currently in circulation. At the time of publication, BLUR was trading for an average price of $0.51.
Read More: Why Is BLUR Token Popular? What Makes This New Token Special?
On June 2, 2023, 1inch Network (1INCH) will release 249.8 million tokens. The network will release 16.654% of its whole supply, or around $99.3 million, to the market. 553.75 million, or roughly $220.21 million, will remain unlocked as a result of this unlock event.
On June 15, 2023, the BIT ecosystem’s governance and resource management module, BitDAO, will conduct the unlock event. The initiative will add 187.5 million (about $96.1 million) to the supply that is currently in circulation.
On June 1st, 2023, Hedera Network will hold a token unlocking event. The network will increase the number of HBAR tokens in circulation by 1.27 billion, or about $67.2 million. The price of HBAR has dropped during the past 30 days by almost 15%. As of the time of publication, it is trading at an average price of $0.052.
A Layer 1 blockchain that was just recently launched, Sui, is scheduled to release 0.611% of its entire supply on June 3, 2023. The network will increase the number of SUI tokens in circulation by 61.08 million, or around $65 million.