Altcoin markets prepare for a key month as Bitcoin remains above $30k, amidst minor cryptocurrency price changes. Bitcoin, the crypto giant by market cap, reported a 24-hour surge of 0.93%, trading at $30,731.01 at press time. On the other hand, alternative cryptocurrencies, also known as altcoins, continue to wade through murky waters, with many top altcoins showing signs of stalling.
As the market anxiously anticipates a bullish turn, many esteemed altcoin projects are gearing up for a significant event: releasing tokens worth an estimated $138 million into the circulating supply. Aptos, ApeCoin, Axie Infinity, and Optimism, some of the leading names in the crypto space, are poised to witness a substantial offloading of tokens this July.
Historically, altcoins have experienced sharp drops after substantial token releases, and experts predicted that a similar trend might recur this month. Such an asset could contribute to an increased supply, potentially leading to a decline in demand and, subsequently, softer price actions.
Among the projects lined up for token unlocks, Aptos, a burgeoning crypto initiative, has already completed its pass open today (July 12), injecting 4.54 million coins (valued at around $32.38 million) into the circulating supply. The release, constituting 2.16% of the total supply, divided the offloaded tokens between the community (3.21 million APTs) and the foundation (1.33 million APTs).
ApeCoin, another key player, is slated to offload 15.6 million tokens on July 17. Valued at $29.95 million, these tokens represent 4.23% of the asset’s circulating supply, with the unlock benefiting Yuga Labs, its founder, charities, launch contributors, and the project’s Treasury.
Additionally, Axie Infinity, a famous player in the NFT space, plans to unlock 3.43 million tokens on July 22, equating to roughly $20 million. These tokens, which represent 2.96% of AXS’s circulating supply, are designated as staking rewards.
Lastly, Optimism is set to conclude the month with a significant unlock of 24.16 million coins on July 30. Currently valued at over $29 million, the tokens represent 3.75% of the circulating supply.
