Altcoins
Altcoins to be dumped as prices are threatened
The cryptocurrency space is about to see a major shift as the massive token release approaches, which could impact the prices of some altcoins. Notably, seven tokens are gearing up to bear the brunt of the market’s increased supply in the coming week, fueling serious concerns among investors.
Here is a report on the cryptocurrencies who will witness these upcoming unlocks, a bearish event in the crypto space. Token unlocking refers to the periodic release of locked tokens into the market, increasing supply and thus negatively impacting tokenomics.
Altcoins Expected to Witness Upcoming Token Unlocking
According to information provided by the Token Unlocking ApplicationThe seven cryptocurrencies that are expected to experience this bearish phenomenon are Arbitrum (ARB), Starknet (STRK), Axie Infinity (AXS), ApeCoin (APE), Pixels (PIXEL), Manta Network (MANTA), and Cyber (CYBER).
Arbitration (ARB)
The ARB token is expected to see a release of 92.65 million ARB, worth $65.37 million, as of July 16. This represents 2.87% of the altcoin’s circulating supply.
ARB price was trading at $0.705, up 2.30% over the past day. The token price could see a downtrend in the future as unlocks equal to or above 1% pose a significant threat to the price.
Starknet (STRK)
Starknet is preparing to release 64 million STRK, worth $36.37 million, on July 15. The release is equivalent to 4.92% of the token’s circulating supply.
At the time of publication, the price of STRK was trading at $0.5679, an increase of 2.37% from the previous day. A price drop can be expected in the future, attributed to the increase in supply in the market with the unlocking.
Axie Infinity (AXS)
THE Axie Infinity Cryptocurrency will support the bulk of the release of 2.45 million AXS, worth $13.60 million, on July 16. This equates to 1.66% of the total circulating supply.
AXS stock price was trading at $5.55 today, up 5.50% from the previous day. However, a potential price drop could be imminent.
ApeCoin (APE)
THE ApeCoin The cryptocurrency will see a release of 15.60 million APE, worth $11.41 million, on July 17. This represents a 2.31% increase in the total circulating supply, which is a bearish aspect.
The APE price was trading at $0.732 today, up 2.48% over the past day.
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Pixels (PIXEL)
Gaming cryptocurrency Pixels is set to experience a release of 54.38 million PIXEL, worth $10.27 million, on July 19. The release is equivalent to 7.05% of the circulating supply.
The price of PIXEL settled at $0.1899 today, up 5.78% from yesterday.
Manta Network (MANTA)
The altcoin MANTA will see an unlocking of 6.67 million coins, worth $5.74 million, on July 18. This represents 1.97% of the total circulating supply.
MANTA price increased by 6.85% over the past day to $0.8584.
Cybernetics (CYBER)
The CYBER altcoin will see the release of 886.12k tokens worth $3.75 million on July 15. This is equivalent to 3.81% of the total circulating supply.
The price of CYBER stood at $4.23, an increase of 4.16% from the previous day.
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