Arbitrum’s Massive $107 Million Token Unlock Threatens To Send Price Below $1

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	18,928,941,515	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

18,928,941,515

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.01102	-7.69%	0.13235	0.1323	0.13235

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.01102

-7.69%

0.13235

0.1323

0.13235

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.14597	0.12902	0.1432	0.14336	0.055475 - 0.228990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.14597

0.12902

0.1432

0.14336

0.055475 - 0.228990

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:04:56	725.90	0.13235	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:04:56

725.90

0.13235

USD

Price x Volume	Volume	Base Symbol	Related Pairs
69,719,107.25	513,948,636.93	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

69,719,107.25

513,948,636.93

Arbitrum’s Massive $107 Million Token Unlock Threatens To Send Price Below $1

16/04/2024 3:00pm

NEWSBTC

Arbitrum (ARB) runs the risk of a significant price decline due to its upcoming token unlock on April 16. These token unlock events are known to be a recipe for high volatility because of what could happen in the aftermath of their occurrence. $107 Million Arbitrum Tokens Set To Be Unlocked Data from TokenUnlock shows that 92.65 million Arbitrum tokens (3.49% of its circulating supply) are set to be unlocked on April 16. 56.13 million ($65.10 million) of these tokens will be distributed to the team, future team, and advisors, while the remaining 36.52 million ($42.36 million) will be distributed to investors. Related Reading: Dogecoin Whales Send 800 Million DOGE To Exchanges, Dump Incoming? Token unlocks are usually followed by a wave of massive sell-offs from the beneficiaries, which causes the token’s price to drop. As such, Arbitrum’s price could also suffer the same fate once these tokens are distributed. However, this won’t be the first time, considering Arbitrum suffered a significant price decline during its last token unlock on March 16. Data from CoinMarketCap shows that Arbitrum’s price, which closed the previous day at above $2, dropped to $1.8 on March 16. However, it is worth noting that the magnitude of this month’s token unlock is nothing compared to last month’s, when 1.11 billion Arbitrum tokens (41.89% of its circulating supply) were unlocked. Therefore, the impact of any potential sell-off on the market might not be as severe as the last time. Despite that, Arbitrum still risks dropping below the $1 support level for the first time in a long while, as it is currently hovering around that price range. Other Token Unlocks To Watch Out For $76.96 million worth of Axie Infinity (AXS) tokens (7.6% of circulating supply) will also be unlocked this week on April 17. 3.10 million of these tokens will be distributed as staking rewards, while 6.08 million and 1.69 million tokens will be distributed to the team and ecosystem fund, respectively. Related Reading: Bitcoin Miners To Lose A Whopping $10 Billion Following The Halving – Here’s Why Meanwhile, like Arbitrum, Apecoin (APE) is another token that risks dropping below $1 with its upcoming token unlock on April 17. $18.57 million worth of Apecoin tokens (2.48% of circulating supply) will be unlocked, with most of these tokens going to the Yuga Labs founder. A significant drop in Apecoin’s price could further compound the bearish outlook of the Yuga Labs ecosystem, as the Bored Ape NFT is already down 90% from its peak. ARB price drops to $1.11 | Source: ARBUSDT on Tradingview.com Featured image from CoinGape, chart from Tradingview.com

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DOGEUSD Dogecoin