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Highlights
- Token unlocks worth $237.46 million looms over the market.
- 7 altcoins prepare to take the heat of increased supply.
- Here's a brief report on these particular coins.
The cryptocurrency realm braces for yet another dynamic shift in the prices of certain altcoins as massive token unlocks loom over the horizon.
Token unlocks refer to the phenomenon wherein previously locked tokens are released into the market, thus hampering supply dynamics. Massive unlocks can potentially be a potentially bearish encounter for altcoins as supply mounts up in the market.
Here’s a quick overview of some cryptocurrencies that are poised to take the heat of such unlocks in the upcoming week.
7 Altcoins To Avoid Trading Next Week
According to the insights streamlined by the Token Unlocks App, seven ‘cliff unlocks’ will happen in the coming seven days, releasing $237.46 million worth of cryptos into the market. The altcoins that stand to bore the brunt include:
Aptos (APT)
Aptos (APT) will experience a token unlock of 11.31 million APT coins, worth $96.36 million, on June 12. This totals 2.58% of the coin’s circulating supply.
APT’s price already slipped 8% to $8.39 over the past day. The token could further witness bearishness as supply increases with such unlocks.
Starknet (STRK)
Starknet (STRK) stands firm to face the unlock of 64 million STRK coins, worth $76.16 million, on June 15. The amount was evaluated to be 4.92% of the total circulating supply.
Meanwhile, STRK price slipped 11.21% to $1.17 today, making it a bearish coin to trade this week.
Immutable (IMX)
Immutable (IMX) is to witness a token unlock of 25.53 million coins, worth $53.36 million, on June 14. This totals to be 1.72% of the coin’s circulating supply.
IMX fell 7.83% over the past day to $2.05, whereas further supply gains might push the price further down.
CYBER
CYBER will experience a token unlock of 886.12K tokens, worth $7.47 million, on June 14. This equals 3.96% of the crypto’s circulating supply.
Even CYBER’s price tumbled 7.04% to $8.45 in the past 24 hours.
dydx (DYDX)
Another altcoin on the list, DYDX, will witness the unlocking of 1.55 million coins, worth $2.94 million, on June 11. This is equivalent to 0.55% of the circulating supply.
DYDX price plunged 11.39% from yesterday to $1.90.
Moonbeam (GLMR)
Moonbeam’s token unlock consists of 3.04 million coins, worth approximately $950K, set to occur on June 11. This amount is relatively less than that of other coins, as it totals only 0.35% of the circulating supply.
Nonetheless, GLMR price saw a 9.04% decline to $0.3063.
Also read: Binance Exec’s Wife Criticizes US Delayed Response In Nigeria Trial
1inch (1INCH)
Lastly, 1inch will witness a 36.43K tokens unlock on June 9, worth $17.45K. This totals 0.06% of the coin’s circulating supply.
1INCH price fell 2.19% to $0.4798 over the past day.
Besides, it’s also worth mentioning that altcoins’ tumbled price action mirrors the broader crypto market’s movement.
Also Read: Ethereum Foundation Wallet Deposits $56 Million in ETH on Kraken, ETH Price Drop Soon?
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