3 Cryptocurrencies To Refrain Trading As Token Unlock Approaches
Highlights
- Token unlocks pose a significant threat to prices of cryptocurrencies, primarily due to increased supply pressure.
- In the coming week, three cryptocurrencies remain poised to witness this phenomenon.
- Here's a brief report on these cryptos- ENA, GAL, & HFT.
The world of cryptocurrencies is about to witness a significant event that demands the attention of crypto market investors-token unlocks. This event could potentially impact the market supply of three cryptocurrencies, Ethena (ENA), Galxe (GAL), and Hashflow (HFT), leading to a bearish trend in the industry. According to insights from the Token Unlocks App, these tokens are expected to experience massive unlocks, with approximately $58 million worth of coins collectively set to be released in the coming days.
Let’s take a closer look at the three cryptocurrencies that are bracing for a substantial increase in supply pressure in the near future due to token unlocks.
Eethena (ENA)
According to the insights offered by the Token Unlocks App, Ethena (ENA) will absorb the impact of a $47 million token unlock. On June 1 at 11:00 PM UTC, 53.6 million ENA, equivalent to 3.62% of the circulating supply, will be released into the market. This could bring about a significant shift in ENA’s price action, as increased supply is often viewed as a bearish sign among traders.
Meanwhile, ENA’s price jumped 2.69% over the past day and is trading at the $0.8896 price level. Its daily peaks and lows are $0.8642 and $0.9075, respectively.
Galxe (GAL)
Galxe (GAL) is another crypto that will face a token unlock worth $7.32 million coins. According to the data, 2.03 million GAL, worth 1.76% of the circulating supply, will be unlocked on June 05, at 12:00 AM UTC.
GAL’s price dipped 2.77% in the past 24 hours to $3.61. Its bottoms and tops for the day are $3.61 and $3.78, respectively. As mentioned above, a significant increase in supply could potentially drive the price to a slump.
Also Read: XRP Whales Accumulate 100M Coins From Binance, Price Rally Inbound?
Hashflow (HFT)
The last crypto on the list that traders would want to avoid trading this week is the HFT token. According to the data, HFT is set to witness a token unlock worth $3.96 million. On June 07 at 12:00 AM UTC, 13.85 million HFT tokens will be unlocked, worth 3.41% of the circulating supply. This significant amount could bring a more remarkable price action shift.
As of writing, the HFT token traded at $0.2892, down 1.74% over the past day. Its 24-hour lows and highs are $0.2891 and $0.2995, respectively.
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