30s Summary

In November, $2.68 billion of digital assets from a variety of blockchain projects are set to hit the market after their ‘vesting’ period. Over $900 million worth of tokens are expected to be released immediately, while about $1.7 billion will be unlocked gradually. Key projects to be watched are Memecoin, Aptos, Arbitrum, Avalanche, and Optimism. Many of these tokens were locked up to prevent early investors or project creators from selling their tokens early on, thus maintaining price stability. The largest unlocking will be from Memecoin, which will release 3.45 billion coins worth approximately $37.8 million.

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In November, a whopping $2.68 billion worth of locked up digital goodies are due to hit the market. These assets are from blockchain projects that will have served their ‘vesting’ time – kinda like parole for crypto coins.

The group that keeps an eye on all this vesting business, the Tokenomist (they used to be called Token Unlocks), tell us that more than $900 million worth of tokens will be released all at once and about $1.7 billion will get unlocked gradually over time.

The projects to keep an eye on in November 2024 are Memecoin (MEME), Aptos (APT), Arbitrum (ARB), Avalanche (AVAX) and Optimism (OP).

The reason these assets are locked up in the first place is to stop early investors or the people who created the projects from selling all their tokens before the projects get really good and valuable. This also stops everyone panic selling their assets, which can bring down the prices.

The most heavy-hitting unlock in November comes from the Meme project Memecoin. They’re about to unlock 3.45 billion coins worth approximately $37.8 million as part of their airdrop. Apart from this massive unlock, they’re also going to release tokens to contributors at a steady pace, which amounts to about 10 million MEME tokens per day and is worth about $117,000. MEME token price is currently at $0.010, which is a pretty steep drop from their 2024 high of 0.053.

Aptos, a blockchain using Layer-1, will unlock another 11.31 million tokens worth $93 million. Avalanche is also planning to release 1.67 million AVAX tokens worth $39 million for their foundation, and Optimism will unlock 31.4 million tokens worth $44 million for its investors and core team.

In the meantime, Ethereum’s layer-2 network Arbitrum is gearing up to release 92.65 million tokens valued at $45 million. But ever since their massive token release of 1.1 billion tokens worth $2.32 billion back in March, the price of their tokens has been heading downwards. It’s now trading at about $0.48, which is a significant drop from its all-time high of $2.39 in January.