Popular cryptocurrencies are on edge as investors wait for their upcoming token unlocks that will lead to more dilution. Arbitrum’s ARB token was trading at $1 on Sunday, down by over 58% from its highest point in 2023, and is near its lowest swing since December 1st last year.
Top token unlocks ahead
AEVO, a newly launched token, has also tumbled to about $1.20, its lowest level on record. It has crashed by more than 68% from its highest level this year.
Render Token (RNDR), on the other hand, has defied gravity as other cryptocurrencies slip. It jumped to a high of $11.5, its highest swing since March 27th. It has soared by over 75% from its lowest level in April, helped by the rising demand for artificial intelligence (AI) assets. It is also nearing its highest level this year.
These cryptocurrencies will be in the spotlight this week as investors focus on their upcoming token unlocks. A token unlock is a situation where more coins are released to the market as part of their tokenomics. These unlocks lead to substantial dilution by introducing tokens to the market.
Data by TokenUnlocks shows that AEVO will release over 827K tokens on May 15th, a substantial amount since AEVO has 110 million tokens in circulation. If the figure is correct, it means that the network will have substantial oversupply.
Arbitrum, the biggest layer-2 network in the market, will have its token unlock event on May 16th. It will release over 92.6 million tokens, a substantial figure since It has over 2.6 billion tokens in circulation.
Render, a platform that offers decentralized GPU, will have its token unlock on Friday. It will release over 8.4 million tokens equivalent to 0.20% of its supply.
The other popular networks that will have token unlocks soon are Aptos (APT), Pendle, ApeCoin, Manta, and Oasis Network.
BitBot token sale going on
Meanwhile, BitBot, an upcoming blockchain platform, is doing well as its token sale gains momentum.
Data shown on its website shows that it has raised over $3.3 million from global investors. This figure makes it one of the most popular tokens in the market. It has now entered its 13th stage, meaning that the token sale is nearing its end. The final part of the sale will be the 15th stage.
BitBot is a platform that seeks to become the leading player in the crypto trading industry. It will provide a Telegram bot that will help thousands or millions of people make money day trading these assets.
BitBot will be a unique Telegram bot for three main reasons. First, in addition to the normal technical analysis, it will have unique artificial intelligence features that are expected to boost its accuracy.
Second, the network will be non-custodial, meaning that it will not have access to user data and funds. Third, it will be powered by $BITBOT, a crypto token that will have more features like revenue sharing and governance features. You can buy the $BITBOT token here.
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