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8 cryptocurrencies to avoid trading this week as tokens unlock
The dynamic world of cryptocurrencies is preparing for another paradigm shift in the prices of specific tokens as massive token unlocks loom on the horizon.
Token unlocking refers to a phenomenon that ensures the release of previously locked tokens onto the market, increasing their supply. This presents itself as a potentially bearish event, prompting traders to avoid trading in some cases cryptocurrencies.
Over the next week, $182.20 million worth of tokens will be unlocked. Here’s a brief overview of eight cryptocurrencies ready to bear the heat of this event.
Referee (ARB)
Trading at $0.9227, down 2.99% from the previous day, ARB remains at the top of the list, ready to witness the unlocking of tokens worth $86.23 million. Data from the Token Unlocks app shows that 96.13 million ARBs, equivalent to 3.32% of the circulating supply, will be unlocked on June 16. This has caused speculation about a potential declining price trajectory for ARB in the future.
Space ID (ID)
Meanwhile, ID traded at $0.5654, down 4.15% from the previous day. The cryptocurrency is set to experience a token unlock of 78.49 million IDs, worth $44.37 million, equal to 18.23% of the circulating supply on June 22. This significant unlocking could trigger a price collapse for ID in the future.
Pixels (PIXELS)
Today, the PIXEL cryptocurrency fell 3.84% to $0.3621, preparing for a token unlock worth $19.65 million. In particular, 54.38 million PIXELS will be unlocked on June 19th, equal to 7.05% of the circulating supply.
ApeCoin (APE)
APE traded today at $1.05, down 2.78% from yesterday. The token is preparing to unlock coins worth 16.35 million dollars, equal to 2.48% of the circulating supply. A total of 15.60 million APE will be unlocked on June 17, sparking investor concerns about the token’s future price movements.
Manta Network (MANTA)
MANTA traded at $1.27, correcting by 8.49% over the past day. The token is preparing to be unlocked for a value of $10.8 million on June 18. The data suggests that 7.87 million MANTAs, equivalent to 2.42% of the circulating supply, will be released onto the market.
Rendering (RNDR)
Today RNDR fell 2.56% to $8.05. The token is ready to be unlocked for a value of $6.12 million on June 16. 760,57,000 RNDR Coins, equivalent to 0.20% of the circulating supply, will be unlocked on the above-mentioned date.
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New York Coin
Today the NYM cryptocurrency fell by 1.58% to trade at $0.1366. On June 17, 2.96 million NYM will be released, representing 0.37% of the outstanding supply.
Euler (EUL)
The EUL token is preparing to unlock 88,98,000 coins, worth $386,16,000, on June 19th. 0.48% of the circulating supply will be placed on the market.
As seen previously, the tokens are unlocked overall greater than 1% of the circulating supply appear to have a significant impact on prices. Cryptocurrency market participants continue to keep an eye on these tokens for further changes in price action.
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