Altcoins
$138M in Unlocked Tokens Looms: 6 Altcoins At Risk of Major Liquidations Next Week
The latest update from the Token Unlocks app indicates that six alternative cryptocurrencies are gearing up to take on the challenge of a higher market supply in the coming week. This can be attributed to large token unlocks, which refer to the periodic release of previously locked tokens into the market.
Significantly, $138.8 million in cliff releases are expected to have a specific impact altcoins in the coming days. The tokens in question include AltLayer (ALT), Sace ID (ID), Ethena (ENA), Galxe (GAL), Yield Guild games (YGG) and Acala (ACA).
Below is a concise overview of the unlocking tokenswhich could be important news for cryptocurrency market players.
AltLayer (ALT)
On July 25, the AltLayer cryptocurrency will see the issuance of a staggering 684.21 million ALT tokens, worth $111.01 million. This represents 42.08% of the total amount of the currency in circulation, which has raised serious concerns among investors about the potential impact on the market in the future.
The price of ALT was $0.1619 at the moment, which reflects a 5.29% increase compared to the previous day. The lowest value reached in the last 24 hours was $0.1572, while the highest was $0.1729.
Space ID (ID)
On July 22, the Space ID token will be unlocked with 18.49 million IDs, worth $9.01 million. This represents 4.29% of the total number of coins in circulation.
The ID price was trading at $0.4875, which is a 5.70% increase from the previous day. In 24 hours, the token saw a low of $0.4607 and a high of $0.5011.
Ethena (ENA)
Ethena is set to issue 14.89 million ENA tokens, worth $7.32 million, on July 21. This represents 0.87% of the total number of coins in circulation.
ENA price was trading at $0.493 today, which is up 6.97% from the previous day. Ethena’s 24-hour cycle low was $0.4699, while its high was $0.5116.
Yield Guild Games (YGG)
On July 27, 14.08 million YGG tokens, worth $7.56 million, will be unlocked through the Yield Guild Games cryptocurrency. This represents 3.74% of the total number of coins currently in circulation.
The price of YGG was trading at $0.5369, reflecting a 2.97% increase over the past day. The token’s 24-hour low was $0.5183, while its high was $0.555.
Galxe (GAL)
Altcoin Galxe is set to issue 1 million GAL, worth $3.60 million, on July 24. This represents 0.85% of the total amount of currency in circulation.
The price of GAL today was $3.58, which is a decrease of 5.78% compared to the previous day. The lowest and highest values recorded over the past 24 hours were $3.54 and $3.92, respectively.
Acala (ACA)
Acala is expected to release 4.66 million ACA tokens, worth $340,030, on July 25. This represents 0.46% of the total supply of coins in circulation.
The price of ACA was $0.07291, which is a 2.53% increase from the previous day. In 24 hours, the coin saw a low of $0.07132 and a high of $0.0759.
It is significant that the above unlocked tokens continue to attract significant attention from market participants as investors remain wary of this new altcoin, primarily due to the increased supply.