Altcoins
Cryptocurrencies should remain cautious as $177 million token release approaches
The latest update of the Token Unlocks app has sent shockwaves through the dynamic world of crypto. It is worth noting that the prices of 6 altcoins are preparing for a substantial turbulent movement ahead. This is mainly due to the imminent issuance of tokens worth $177 million, which is a bearish market factor.
Here is a detailed report on these upcoming token releases and why their future implications remain negative.
Unlocked cryptocurrencies worth $177 million raise investor concerns
It is worth noting that the $177 million worth of unlocks encompass cryptocurrencies such as Aptos (APT), Xai (XAI), Immutable (IMX), Ethena (ENA), io.net (IO), and Hashflow (HFT). These token unlocks are mostly coming as a bearish factor as previously locked tokens are being released into the market, increasing the supply.
It seems that unlocking more than or equal to 1% of the circulating supply has a significant impact on the price performance of a cryptocurrency. Let’s dig deeper.
Aptos (APT)
According to data from the Unlocking Tokens Aptos is expected to see a massive release of 11.31 million APT on July 12. This equates to 2.49% of the circulating supply, worth $63.33 million.
APT price settled at $5.59 today, up 4.02% from the previous day. Its 24-hour low and high were $5.39 and $5.74, respectively.
Xai (XAI)
The Xai token is preparing to unlock 198.40 million XAI on July 9. This is equivalent to 71.59% of the total circulating supply, worth $56.55 million.
XAI price was trading at $0.2835, down 0.83% despite the overall bullish trend. Its 24-hour lows and highs were $0.2738 and $0.2986, respectively.
It is worth noting that the XAI token unlocking process is currently at 12%, suggesting that future turbulence could be possible.
Immutable (IMX)
At the same time, the Immutable cryptography will see a release of 32.47 million IMX on July 12. This represents 2.15% of the token’s circulating supply of $40.59 million, posing a threat to the price.
IMX price was $1.26 today, up 4.33%. The cryptocurrency’s daily lows and highs were $1.20 and $1.32, respectively.
Additionally, the data indicated that 76% of the unlocking process was done for crypto.
io.net (IO)
Similarly, io.net is expected to see a release of 2.87 million IO on July 11. The release amount is equivalent to 3.02% of the circulating supply, worth $5.98 million.
At press time, IO was trading at $2.08, up 0.09%. The cryptocurrency’s 24-hour lows and highs were $2.06 and $2.21, respectively.
Read also : Ethereum outflows surge to $60.7M as institutional investors continue to favor Bitcoin and Solana
Hash Flow (HFT)
Hashflow is preparing to undergo the release of 13.85 million HFT on July 7. This release is equivalent to 3.28% of the circulating supply, worth $2.41 million.
HFT was trading at $0.1742, up 11.38% over the past day. Its 24-hour lows and highs were $0.1568 and $0.176, respectively.
Ethena (ENA)
Finally, while not 1%, the Ethena crypto will see an unlocking of 14.89 million ENA, or 0.87% of the circulating supply on July 7. This could lead to slight price volatility.
Interestingly, CoinGape Media has already highlighted token unlockSpecific cryptocurrencies have seen a price drop this week. Market participants should try to avoid trading these tokens in the coming week.
Read also: Grayscale Delists Polygon (MATIC), Keeps Crypto Assets in Funds