Altcoins
Altcoins will be sold based on upcoming token unlocks
The ever-changing world of cryptocurrencies is gearing up for another paradigm shift in the prices of some altcoins. Mainly due to the upcoming massive token unlocking, these altcoins will bear the brunt of a significant price drop in the coming days.
This price drop could prompt traders and investors to sell their holdings in order to mitigate losses. So, let’s take a closer look at these altcoins and the next tokens to be unlocked.
Token Unlock Raises Bearish Concerns
The token unlocksa phenomenon that occurs when previously locked tokens are unlocked and released to the market, typically resulting in significant downward pressure on prices. This happens due to the influx of supply, which negatively affects tokenomics.
In particular, the altcoins that face this influx include io.net (IO), dydx (DYDX), Maverick Protocol (MAV), Galxe (GAL), Echelon Prime (PRIME), ZetaChain (ZETA), Manta Network (MANTA), Acala ( ACA), Liquidity (LQTY) and Tornado Cash (TORN). Let’s dig deeper into the unlocks.
io.net (IO)
The IO altcoin remains on pace to face an unlock of 8.27 million IO, worth $26.79 million, on July 1. This represents 8.70% of the total circulating supply.
Recent studies show that releases of 1% or more significantly threaten prices. This cliff release could prompt traders and investors to sell their holdings.
dydx (DYDX)
Meanwhile, crypto DYDX will see 8.33 million coins unlocked on July 1, worth $11.25 million. This is equivalent to 3.12% of the circulating supply.
DYDX was trading at $1.35 today, down 2.47% in the last 24 hours. A price reduction could be possible in the future, in line with the massive unlocking.
Maverick Protocol (MAV)
The MAV cryptocurrency will see an unlock of 39.87 million coins, worth $10.30 million, on July 1. This is equivalent to 15.95% of the total circulating supply.
MAV was trading at $0.2579, down 3.77% in the last 24 hours.
Galxe (GAL)
The GAL token will be unlocked for 3 million coins worth $6.43 million on July 5. This is equivalent to 2.60% of the circulating supply.
GAL was trading at $2.14, down 3.97% over the past day.
Prime Tier (PRIME)
The PRIME altcoin is strong to witness the unlocking of 750,000 coins, worth $6.42 million, on June 30. This totals 1.83% of the total circulating supply.
PRIME was trading at $8.57, up 1.94% from the previous day.
ZetaChain (ZETA)
The ZETA token will be unlocked with 6.30 million coins, worth $5.05 million, on July 1. This equates to 2.29% of circulating supply, a significant threat to the price.
ZETA stood at $0.802, down 1.33% over the past day.
Manta Network (MANTA)
Simultaneously, MANTA coin is expected to unlock 3.07 million tokens, worth $3.15 million, on June 30. This is equivalent to 0.94% of the circulating supply.
MANTA was trading at $1.02, up 1.61% over the past day.
Read also : XRP Price Recovery: Will XRP Rank Top 5 in 2024?
Acala (ACA)
The altcoin ACA will face an unlock of 27.43 million coins, worth $1.83 million, on July 1. This is equivalent to 2.69% of the total circulating supply.
ACA is trading at $0.06681 today, down 2.36% over the past day.
Liquidity (LQTY)
Similarly, the LQTY coin will see an unlock of 695.71k tokens, worth $585.21k, on July 5. This represents a total of 0.72% of the circulating supply.
LQTY settled at $0.8406, down 2.15% over the past day.
Tornado Cash (TORN)
The altcoin TORN is expected to see an unlock of 91.67,000 coins, worth $254.83,000, on June 30. This represents almost 2.41% of the circulating supply.
TORN price fell 0.99% to $2.78 today.
Read also: What is behind Curve Finance founder’s massive transfer of CRV tokens?